A historic downtown Denver building moved a step closer to its transformation into a hotel Monday after the City Council initially approved a tax deal that will help pay for its redevelopment.
The iconic Colorado National Bank building on 17th and Champa streets has been empty since 2007.
Stonebridge Cos. bought it for $4.5 million last year with plans to turn it into a 230-room signature hotel run by Marriott. The redevelopment would add two floors to the six-floor building and preserve 16 murals painted in the 1920s by Allen Tupper True, one of Colorado’s premier artists.
The council on Monday initially approved tax-increment financing for the project, with hopes of raising $10 million over 25 years to help with redevelopment.
The money would be collected by the Denver Urban Renewal Authority to help fill gaps between what is needed to complete the building’s transformation and what the developer can afford.
“The old bank building requires a fair amount of reconfiguration, removal of asbestos and other things,” said Tracy Huggins, executive director of DURA. “We anticipate (the tax-increment financing) will be repaid by 17 years.”
The city believes the project will create jobs and improve tourism in the area, plus it will breathe life into the neoclassical downtown building.
The matter will come up for a second round of votes on Jan. 3, preceded by a public comment session.
If approved, construction would probably begin in February, with the hotel expected to be open by June 2012.
Jeremy P. Meyer: 303-954-1367 or jpmeyer@denverpost.com
