Denver City Council Approves $570 Million Funding Plan to Revitalize Downtown
In a significant move to rejuvenate downtown Denver, the City Council has approved a new Plan of Development, paving the way for access to $570 million in public funding. The funding is generated through tax-increment financing aimed at revitalizing areas severely affected by the pandemic. This new directive supports the expansion of the Denver Downtown Development Authority (DDDA) from Union Station to the entirety of downtown, enabling city agencies and private developers to apply for the financial resources starting next year.
The revised Plan of Development shifts focus from the 2014 restoration of Union Station to addressing current challenges, including high office vacancy rates and the need for attainable housing. While the plan allows for flexibility in project funding, it suggests possible uses like converting vacant office buildings into living spaces and enhancing public infrastructure and cultural institutions.
Despite broad support, some Council members raised concerns. Councilmember Sarah Parady, the only vote against the plan, advocated for incorporating the treatment of workers and environmental impacts into the evaluation process for funding applications. She emphasized the importance of aligning projects with the city’s broader policy values to ensure comprehensive benefits.
Mayor Mike Johnston introduced the DDDA expansion as a key initiative for downtown revitalization, noting the urgency following the near completion of Union Station’s loan repayment. Following discussions and planning, the Council aims to unveil further details on the application process by January.
As the city endeavors to shape the future of downtown, a complementary Downtown Area Plan is under development, targeting strategies for growth and enhancement over the next 20 years. Downtown Denver Partnership CEO Kourtny Garrett heralded this funding as the beginning of a "true renaissance" for the area, promising transformative opportunities ahead.
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