Aurora officials preview three downtown redevelopment projects totaling 88 apartments and TIF support

City of Aurora officials and private developers on Feb. 4 outlined three proposed redevelopment agreements that together would convert underused historic and commercial buildings in and near downtown Aurora into 88 residential units.

The projects discussed were the Aurora National Bank building (Floors 4–8 to be converted to about 30 apartments), the Franz Building (about 10 units plus restaurant space) and a warehouse-district conversion at 251 South River Street (about 48 units). David Debo, the city’s director of economic development, and Marty Lyons, a part-time consultant and former city chief financial officer, led the presentation with developers from JH/James Real Estate Partners and the contract purchaser for 251 South River.

City staff and the developers said the downtown rental market is tight and rents have risen sharply since 2019, but construction and other costs also rose, leaving a financing gap the developers say requires city incentives. The proposals rely on a mix of pay-as-you-go TIFs, historic tax credits, developer equity and a loan from the city’s recently formed “transformation fund.” None of the deals would use forgivable grants, according to staff.

Why it matters: Council members said the conversions would activate historic buildings, expand downtown housing supply and support nearby businesses. The projects are intended to advance an administration goal of turning vacant or underused historic buildings into occupied residential and commercial properties, which staff say helps downtown viability and reduces long-term blight.

What staff presented • Aurora National Bank building…