The Denver City Council has signed off on helping finance a RiNo landlord’s slimmed down plans to redevelop the block across from Denver Central Market.
Last week, the council voted 10-3 to approve an amendment to Edens’ urban redevelopment plan — which allows for tax-increment financing — for the block between Larimer, Lawrence, 26th and 27th streets, plus a stretch of the 2500 block of Larimer Street.
The council signed off on Edens’ original development vision in 2022, after Edens bought the majority of the block from Volunteers of America Colorado, a nonprofit.
At that time, Edens planned to demolish the existing structures, with the exception of VOA’s corner office building, and build 100,000 square feet of retail space topped with hundreds of apartments, with structures rising three to seven stories.
There was to be underground parking, and the company agreed to designate 10% of the apartments to those earning no more than 50% of the area median income.
Tracy Huggins, executive director of the Denver Urban Renewal Authority, told council members that Edens attempted between 2022 and 2024 to find a partner to construct the residential portion of the project. But the firm came up short.
“Due to general and financial market conditions, the project as it was originally defined was not feasible,” Huggins said.
As a result, Edens has nixed the apartments for now and instead plans to develop just 60,000 square feet of retail space, with surface parking. In addition to building new structures, the firm also plans to repurpose existing structures along Larimer Street.
Plans call for a 12,875-square-foot building earmarked for a grocer at the corner of 27th and Lawrence streets. Thomas Picarsic, a local Edens executive, told council members the company is talking to two grocers. No lease has been signed.
Picarsic said RiNo has had a glut of supply in new apartments in recent years, but the company still wants to build apartments later.
“Everything that we’re going about right now is to preserve that ability to bring housing when the market demands are there,” he said.
The council previously approved for Edens to get $19.5 million in tax-increment financing, which allows a developer reimbursement on certain costs from the future property and sales tax generated by its project.
With the slimmed down plan, Edens now gets $9.25 million in TIF money, which the Urban Renewal Authority says amounts to 12% of the overall project cost. That equates to a total cost of $77 million.
Councilwomen Sarah Parady, Shontel Lewis and Flor Alvidrez voted against the measure. Ahead of the vote, Lewis questioned whether the project would displace nearby residents. Parady questioned whether tax relief was really necessary for development of “some of the most valuable real estate in Denver, I would assume.”
“It’s hard for me to gauge whether this is a tool that we really need and should be using here, or whether we’re just providing tax relief that we don’t need to provide,” Parady said.
Edens has spent more than $100 million on RiNo real estate since 2019, bringing in big-name tenants such as Patagonia and Burton.
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