Plans to redevelop 30 acres surrounding the historic Denargo Market are expected to get a nudge under a proposal to increase property taxes in the area to pay for improvements and maintenance.
The Denver City Council on Monday will give initial consideration to a plan to allow property owners in the area to create three metro districts.
Property taxes inside the districts would be increased by 35 mils to allow bonds to be issued to pay for improvements and another 5 mils for maintenance.
The districts would be generally located east of Denargo Street, south of the South Platte River, west of 29th Street and northwest of Brighton Boulevard.
The area currently is home to leased warehouses and small businesses.
The districts would raise $11 million, with the developers — Texas-based Cypress Real Estate Advisors — agreeing to contribute another $11 million.
Paul Ryan, a consultant working with the developers, said plans eventually call for up to 2,500 residential units and up to 200,000 square feet of commercial space.
The districts would finance the creation of three parks, encompassing four acres, and the construction of streets and environmental cleanup.
With the real-estate market still recovering from an economic downturn, it still will take some time to get financing for the expected housing and retail space, Ryan said.
He said the full buildout is expected to generate an economic value of $350 million.
Christopher N. Osher: 303-954-1747 or cosher@denverpost.com
