The Denver City Council approved the Ironworks Foundry Urban Redevelopment Plan, which was presented by the Denver Urban Renewal Authority. Included in the plan is a European-style open market concept called “The Source,” a project that will bring retail, restaurant and kiosk type artisanal tenants to Denver’s River North, or RiNo, neighborhood.
Passage of the plan, approved by the council on Monday, creates the Ironworks Foundry Urban Redevelopment Area, allowing for the use of tax increment financing to support redevelopment efforts of the 25,600 square-foot site located along Brighton Boulevard. DURA will invest approximately $1.12 million in sales and property TIF to make vital public improvements to the site, including the installation of sidewalks, curbs and gutter infrastructure, new utilities, electrical, plumbing, HVAC and fire- and life-safety systems.
“The Ironworks Foundry Urban Redevelopment Plan is an exciting development for Denver residents because it reactivates a dilapidated building in a burgeoning city neighborhood, and brings a very unique project like The Source to the Denver community,” said Tracy Huggins, executive director at DURA.
The project’s developer, Zeppelin Development, is best known in the RiNo neighborhood for its TAXI development, a mixed-use project along the Platte River on the former site of the Yellow Cab central office.
For more than a century, the Ironworks property has been used primarily for industrial and warehouse purposes. The buildings were constructed in the 1880s as part of the Colorado Ironworks Department and were first listed as blacksmith and boiler shop. Most recently, the site was home to Bud’s Warehouse until 2010, and it has been vacant since.
Zeppelin Development is projecting that the site will be ready for business in early 2013.