The Denver City Council on Monday unanimously approved a bill that authorizes the creation of an urban redevelopment area at the Emily Griffith Opportunity School at 1250 Welton St. in downtown Denver.
The 2.5-acre site was approved for historic designation in 2016 and was acquired by Denver hotel developer Stonebridge Cos. earlier this year. Stonebridge is still working with various parties to determine what the best project is for the site, according to a presentation to city council by Tracy Huggins, executive director of the Denver Urban Renewal Authority.
Once a specific project is identified, the council will have to consider an amendment allowing tax increment financing to be used on that project, Huggins said. Monday's ordinance sets the stage for doing so by officially declaring the site an urban renewal area in accordance with state laws.
The school's historic designation means that certain aspects of the property, including the building envelope, will be preserved while other parts of the site can be redeveloped.
Read more at the Denver Business Journal: http://bit.ly/2fI28hA
(Copyright 2017 Denver Business Journal)
