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Denver'' s Elitch Gardens Designer Seeks Planning Structure That May Double Downtown Acreage in 25 Years

Hearing on Development of Development Districts Near Downtown Theme Park to Be Held in August

The Elitch Gardens Theme and Water Park redevelopment group in Denver wishes to create six metropolitan districts at the website as part of a planned task that could double the downtown acreage of Colorado’s largest city in the next quarter century.

The addition of the districts around the downtown theme park, one function that sets Denver apart amongst big U.S. cities, will permit the use of common metropolitan redevelopment tools for the project’s financing, building and construction, operation and maintenance.

Revesco Characteristic, which owns Elitch Gardens together with real estate magnate Stan Kroenke, is in the early phases of redeveloping the theme park into a mixed-use district called The River Mile. The development is anticipated to occur throughout more than two decades and might add as much as 4.6 million square feet of office, 1.2 million square feet of hospitality space, 500,000 square feet of retail and 8,000 residential units to the location just northwest of Denver’s central enterprise zone.

In general, metro districts are quasi-governmental unique districts frequently utilized in Colorado for redevelopment tasks. They can offer general commitment bonds secured by real estate tax collected within the district, and use the proceeds from those bonds to fund public improvements.

The districts are normally handled by a board consisted of homeowner’ agents. Development of the districts requires city board permission, and Colorado law needs that a public hearing happen before council can approve permission.

The Denver City Board on Aug. 13 will hold the general public hearing on the creation of the metro districts, which are a “milestone” in the pre-development procedure for The River Mile, according to Sean Duffy of The Kenney Group, which represents Revesco.

Colorado has a range of financing tools that can be used by personal entities for redevelopment purposes, but it’s too soon to tell what type of funding plan, if any, will be requested for The River Mile advancement, Duffy stated. However establishing the metro districts is “crucial” to getting the project done.

“Having metro districts within the project provides a legal and financial basis that helps you progress within the city,” Duffy stated.

Before Elitch Gardens was originally transferred from northwest Denver in 1995, the Denver Urban Renewal Authority licensed a $10.9 million tax-increment funding, or TIF, package to fund necessary environmental remediation for the 62-acre site in the Central Platte Valley that ended up being the theme park’s house and is now targeted to become The River Mile.

The task is still in early stages, with the advancement group working to protect a re-zoning that will allow for increased structure height and density. The Denver City Council last month approved a change to the overall downtown area strategy that will direct the advancement of the Central Platte Valley and Auraria neighborhoods.

Even when all approvals are in location, the phased development will occur gradually, beginning with a 1,400-space parking structure developed on an existing parking area at the park. And, it’s vital to keep in mind, Elitch Gardens isn’t really going anywhere for the foreseeable future.

Elitch Gardens Redevelopment Rides Closer to Reality in Denver

City Board Decision Sets Stage for Required Re-zoning; Conceptual Plans Call for 4.6 Million SF of Office, 1.2 Million SF of Hotel and Conference Area, 8,000 Units and +500,000 SF of Retail

Courtesy: Revesco Properties.The proposed redevelopment of the 62-acre site where downtown Denver’s Elitch Gardens Theme and Water Park sits took an advance at a Denver City board meeting Monday night with the approval of a piece of the downtown area plan that will assist the instructions of development for the Central Platte Valley and Auraria areas. Council members all approved a change to the city’s existing plans that updates standards for development in one of the couple of parts of downtown Denver that stays mostly the same because the economic crisis’s end, at least when compared with its next-door neighbors to the east such as the Union Station area and Riverfront Park. The modification was developed by city staff with input from the community

collected at several public input conferences during a year. It offers a general summary and values for the area in between Interstate 25, Auraria Parkway and Speer Boulevard, that includes more than simply the Elitch Gardens site, although that is the website currently being targeted for the most dramatic modifications. While they offered consentaneous approval, council members likewise increased questions, the majority of which are more particular advancement issues than those resolved in the strategy amendment. Councilwoman Debbie Ortega questioned the proximity of property advancement to freight train lines, which run through parts of the website,

stressing that there would have to be a buffer in between the lines and homeowners. She likewise raised questions about flooding, as the South Platte also goes through the location. Councilman Kevin Flynn inquired about the preservation of historic structures on the Auraria campus, and Councilwoman Robin Kniech asked how the strategy would integrate inexpensive real estate.

Responses to all of these questions and more are still in the works, stated Rhys Duggan of Revesco Residence, which along with realty mogul Stan Kroenke owns Elitch Gardens and is dealing with redevelopment plans for the website. Duggan and his group in March unveiled initial strategies for the location following more than a year of reports about exactly what would become of the amusement park that has remained in downtown Denver considering that 1995. There are no strategies to transfer the park right now, Duggan has actually stated consistently, but somewhere in the course of the 25-year advancement plan, Denverites must expect the park to move. In its location, called River Mile, Revesco pictures exactly what might ultimately dramatically increase the capability of downtown Denver. A conceptual master plan shows high-rise buildings between 40 and 59 stories high, 4.6 million square feet of workplace, 1.2 million square feet of hotel and conference area, almost 8,000 domestic units and majority a million square feet of retail. The conceptual River Mile plan is an initial file instead of an assurance of what will occur, however the strategy modification authorized Monday recommends”an extension of the land

use in downtown Denver,”consisting of a large mix of home types. However that recommendation is not the like a re-zoning, which is exactly what the Revesco group need to now pursue through the summertime. Any re-zoning needs to likewise be approved by city board.