A 33 acre site that has been abandoned since CU moved to the new Fitzsimmons campus in Aurora, with an additional 4 acres likely to be added in 2013. Three different development teams have come and gone, but the first phase is finally underway with a 6.75 acre sale to the Lionstone Group for the construction of 325 market-rate apartments in the southeast section of the site. In July, City Council approved an Urban Renewal Area and an initial $2.4 million property tax increment finance reimbursement for demolition, abatement and infrastructure costs associated with Phase I.
More Information and Public Meetings:
Public meetings are held approximately once each month by the Colorado Boulevard Health Care District, which brings together the institutions and neighborhoods that surround the site. Registered neighborhood organizations that have been active and typically include notes and announcements about the District meetings and project updates include:
· Congress Park
· Councilwomen Susman and Robb also provide frequent updates in their
· Denver Gov: Urban Renewal Authority
· Denver Gov: General Development Plan
Tax Increment Financing (TIF) was only approved for Phase I of the project, additional Council approval would be required for the use of TIF on any future phases of the project.
1) At the time the Phase I TIF was approved, Council comments included a strong desire to see a comprehensive redevelopment of the remaining portion of the site, rather than a piece-by-piece approach, in order to achieve a unified vision for the site.
2) Several Councilmembers also pointed to mixed-income housing in the vision and planning documents for the site, and asked that mixed income housing be incorporated in future phases since the first phase would build only market-rate housing.
3) One of the biggest challenges the site has faced is finding anchor retail tenants who are willing to build to the urban design standards adopted for the site and can generate the sales tax necessary to fund the remaining infrastructure needed on the site such as reintroducing much of the street grid. Balancing the need for retail with the desire for a mixed-use neighborhood with new residential housing will continue to be a significant discussion as the University, Denver, and DURA discuss the next phase of the project. While discussions continue, CU is also looking at options with other developers.