Denver City Council on Monday night approved the Arapahoe Square Urban Redevelopment Plan after 18 months of planning intended to revitalize the neighborhood.
The plan defines long term objectives for redevelopment within a 93-acre section of northeast downtown Denver. Arapahoe Square is bound by 20th and 24th Streets and Lawrence and California Streets.
The plan authorizes the use of Tax Increment Financing to achieve its objectives through redevelopment projects, but no tax increment area has been set. As future projects are identified, they will be brought forward as amendments to the plan to be approved by the DURA Board and City Council on a case-by-case basis, at which time project-specific tax increment areas will be created.
DURA, the City and Country of Denver, community groups and property owners participated in the development of the plan, which includes eliminating factors that contribute to blight, renewing the character and environment of the area and encouraging residential, retail and commercial development and redevelopment.
“This plan is significant for the City, its residents and the business community because it has the potential to positively transform a neighborhood directly adjacent to downtown Denver,” said Tami Door, executive director of the Downtown Denver Partnership, in a news release.
