Denver Colorado East Central
By Jeremy P. Meyer
The Denver Post
Denver Urban Renewal Authority is seeking to establish an urban redevelopment zone at the site of the old University of Colorado hospital on Ninth Avenue and Colorado Boulevard.
The authority would use tax-increment financing in phases to redevelop the 41 acres of property that has been vacant for six years after the hospital moved to Fitzsimons.
The first phase would focus on about 7 acres that will be turned into residences for approximately 325 market-rate apartments.
Denver City Council must approve a resolution that creates an agreement with DURA and the city. Tax-increment financing allows a developer to retain a portion of the tax generated by a project in order to help pay its construction debt.
In order to qualify for redevelopment under DURA, the property must be determined to be blighted. DURA director Tracy Huggins said a study already has concluded the property is blighted because of its deteriorating and contaminated buildings.
The overall development of the property has been slow due to problems finding a main retail anchor. A plan to place a Walmart on the site angered residents and council members said they would not support a tax-increment financing deal.
Later,King Soopers said it would put a grocery storeon the site, but that plan too was scuttled.
Last month, it was announcedHouston-based real-estate investor Lionstone Group has taken over efforts to redevelop the site.
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