Proposals from a pair of firms vying to redevelop Denver’s Union Station are expected to be made public this afternoon, providing a first glimpse of how the teams envision the crown jewel of the FasTracks system.
Cherokee Investment Partners LLC and a partnership between Continuum Partners LLC and East West Partners are the only teams still in contention for the project, which originally drew a field of 11 interested developers.
The project calls for rail and bus lines to be moved underground to make way for 1.4 million square feet of private development in and around the aging Union Station building.
Both teams turned in their proposals Monday. The winning team will be chosen in late September or early October.
“We’ve all been anxiously awaiting the proposals,” said Liz Orr, the project’s master developer executive director.
The team that is selected must find $285 million in financing to relocate the transit lines below the station. It also must bring in $5 million in funding to renovate the building before work on the more lucrative ground-level retail and residential project can begin.
In addition to the significant upfront costs of the project, the development provides significant logistical challenges.
“It’s a huge and complicated project,” Orr said. “It’s both transportation infrastructure and vertical development, which have to be timed so they work together in a way that fits in with the overall FasTracks plan.”
Frank Cannon, development director for Continuum, declined to comment on his company’s proposal for the project Monday. A Cherokee Investment official did not return messages. Both teams have signed confidentiality agreements that prohibit them from discussing the project.
The team led by Cherokee Investment Partners includes Dakota Ridge Development LLC, New Boston Fund, Sage Hospitality Resources, Williams Jackson Ewing, Buchanan Yonushewski Group and Kohn Pedersen Fox.
The team led by Continuum Partners and East West Partners includes AECOM, DMJM Harris, Kiewit Construction, and Skidmore, Owings & Merrill.
Staff writer Kristi Arellano can be reached at 303-820-1902 or karellano@denverpost.com.
