One proposes to bury light-rail lines. The other wants to keep them above ground.
One plans to build a hotel. The other mentions a downtown grocery store.
Both are vying for the chance to turn Denver’s aging Beaux Arts rail station into a signature, transit-oriented landmark.
Details of plans filed by the two development teams competing for the $1 billion redevelopment of Denver’s historic Union Station were made public Tuesday, highlighting differences in vision for the 19.5-acre parcel of prime downtown property.
Union Station Partners, led by Cherokee Investment Partners, stays true to the site’s master plan, proposing to bury buses and heavy-, light- and commuter-rail lines below grade. It also proposes dividing the property into 12 parcels, which would be sold as stand alone development sites for hotel, residential, retail and commercial projects.
“We’re excited about our proposal,” said Cherokee president Ferd Belz. “We really believe that we met all of the master-plan concepts. We’re keeping all of the energy and excitement centered at Union Station.”
The second team, led by Continuum Partners and East West Partners, wants to keep the light-rail lines at grade and send the regional buses below ground, calling it a “financially achievable” way to overcome the project’s significant financial hurdles by 2011.
The Regional Transportation District has $215 million in funding to route new light-rail lines into Union Station, thanks to the FasTracks expansion. But the chosen developer will be responsible for $285 million more to bury the train and bus lines.
Continuum and East West also plan to develop all the parcels themselves. Their proposal envisions a “dynamic, people-oriented place” that includes a retail mix featuring a grocery store and a diversity of housing options, including affordable units.
A Continuum representative declined to comment on its proposal. East West did not return calls late Tuesday afternoon.
The two plans will be posted online in the next few days at www.denverunionstation.org. The public will have an opportunity to discuss them in mid-September at a public hearing, said Liz Orr, the project’s master developer executive director.
A winner will be announced by early October.
Bruce Alexander, president of Vectra Bank Colorado and a member of the advisory group overseeing the selection process, said it would be a tough choice.
“You’ve got two world-class development teams,” he said. “Either one could add great value to the project.”
Raleigh, N.C.-based Cherokee specializes in cleaning polluted sites and is redeveloping the site of the former Gates Rubber Co. in Denver.
Denver-based Continuum developed Lakewood’s Belmar residential and shopping district and is developing the Art House luxury townhomes in the Central Platte Valley.
Avon-based East West is largely responsible for building the Riverfront Park neighborhood in the Central Platte Valley, which is adjacent to the Union Station site.
Staff writer Julie Dunn can be reached at 303-820-1592 or jdunn@denverpost.com.
