A big plan for a big city has been announced with Denver preparing to substantially invest in new business development in its downtown sector.
Mayor Mike Johnston has said that upwards of $500 million may ultimately be spent in the effort to “restore downtown vibrancy and stimulate economic growth.”
The plan, holistic in nature, will see the City over the course of the next decade investing in new housing construction and attractive public spaces, while also trying to encourage businesses to set up shop in the area.
The housing aspect of the Mayor’s plan could also include a proposal that in recent months has gained currency in the Mile High City: reconverting into residential space commercial and office structures that have been largely vacant in the past few years.
Funding for the ambitious plan will largely come from the City’s Downtown Development Authority, which is tasked with economic development in the core of the city.
That Authority uses revenue generated by incremental taxes to fund transportation projects at the city’s historic Union Station. But the Mayor said he hopes to expand the scope of the group’s mission, an effort that will ultimately require the approval of the Denver City Council.
Earlier this year, Johnston announced that one of his goals for 2024 was to focus on downtown revitalization, remarking in a public address: “I think cities across America are facing a shared crisis as offices and downtowns have struggled to recover post-pandemic.”
Proposing a question “Will our downtowns ever recover again?” Johnston answered his own question by remarking: “We cannot have a thriving Denver without a thriving downtown. We cannot have a thriving Colorado without a thriving Denver.”
City officials have also wondered if Denver’s population loss of around 1,000 in the last three years has negatively impacted business in the downtown area. If so, that decline looks almost anemic compared to a decline of 8,000 people in Chicago and 6,000 in St. Louis during that same period of time.
By Garry Boulard
Photo Image: Courtesy of Pixabay
