Denver’s on the South Platte River has paid off its development subsidy almost three years ahead of schedule.
The $6.3 million tax increment financing was granted in 1998 by the Denver Urban Renewal Authority when Recreational Equipment Inc. spent $30 million to redevelop the old Forney Transportation Museum building next to Confluence Park.
The tax incentive was due to be paid off in April 2015.
“The REI Denver flagship store has been a major success since it opened in the early 2000s, playing a key role in reactivating the Central Platte Valley and Confluence Park for Denver metro residents,” said Tracy Huggins, executive director of DURA. “The project is a prime example of the public and private sectors coming together to adapt and reuse a significant part of Denver’s history.”
The 90,000-square-foot building was built in 1901 to house boilers and engines used to generate electricity for the Denver Tramway Co. rail system. In 1969, the Forney Museum opened in the building. REI bought the structure in 1998.
because the high cost of redeveloping the historic structure made it financially infeasible without incentives.
In 2011, the building was listed on the National Register of Historic Places.
Steve Raabe: 303-954-1948, sraabe@denverpost.com or twitter.com/steveraabedp
