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As one Colfax institution departs, developers hope several more will emerge in a redeveloped building.

The three-story structure at 1080 E. Colfax Ave. that was the longtime home of is being gutted and revamped to house more retail and refurbished apartments that could be for lease as early as September.

The building was purchased by in October 2012 and principal Anthony Loeffler said Smiley’s moved out in January. He said redeveloping parts of East Colfax is a priority for his firm.

“We saw the opportunity in the building because it was old and tired,” Loeffler said.

Stephanie Salazar, economic development director with the , agreed with Loeffler and said this is an essential project for her district.

“We think it revitalizes the area by renewing the property itself and will attract a more vibrant crowd,” Salazar said.

She also referenced other successful redevelopments along Colfax such as the project at Colfax Avenue and Pearl Street. The Colfax Business Improvement District spans from Grant Street east to Columbine Street.

Another part of Slipstream’s plan involves the parking lot across the street from the old Smiley’s location. Although early in the planning process, Loeffler said the plan includes a five-story structure with retail on the ground floor.

According to Andrea Burns, spokeswoman for Denver Community Planning and Development, main street zoning along East Colfax is helping transform the corridor into a true main street, with up-close, active storefronts and an improved experience for pedestrians.

Loeffler added that the Smiley’s building was a blight on the area, and he hopes that after the redevelopment it will be a strength.

“One thing we hope to see is what was the most detrimental building in that part of Colfax becoming the most positive when we’re done,” he said.