Mile High Greyhound Park redevelopment reaches major milestone
URA PLAN APPROVED, DEVELOPMENT PROCESS TO MOVE FORWARD
Redevelopment of the former Mile High Greyhound Park took an important step forward Monday night with approval of the urban renewal plan by city council and the Commerce City Urban Renewal Authority (URA) board. Approval of the plan allows the master developer for the site, REGen, LLC, to finalize agreements with individual developers, secure financing and continue with normal development process.
“This site is an important part of the city’s history and we are proud to have worked with residents to create a vision that makes sure it remains an exciting part of our community for future generations,” said Mayor Sean Ford. “I look forward to watching this project grow and help revitalize this area of the city.”
Located in the heart of the city, the 65-acre property was purchased by the URA in 2011 to ensure it was redeveloped as a benefit to the community. Resident input helped create the current vision of a vibrant, mixed-use development featuring retail stores, restaurants, office space, an educational facility and various types of residences. Residents could see new activity on the property later this year as infrastructure construction gets underway.
“A great deal of effort and collaboration went into completing urban renewal plan and I’d like to thank everyone involved for their partnership in moving this project closer to reality,” said Rick Wells, president of REGen, LLC. “The progress we’ve made in recent years sets the stage for an exciting redevelopment that will be a major benefit to the Commerce City community.”
The site is now officially identified as an urban renewal area and eligible to use tax increment financing, or TIF, to help REGen cover the cost of building roads, utilities and drainage facilities on the site. As property values rise due to the redevelopment, TIF captures the extra tax money being generated to help pay back the cost of the infrastructure that made the project possible. Due to state legislation passed in 2015, the urban renewal plan required nearly a year of conversations to create agreements with other agencies that collect taxes from the site (including Adams 14 School District, Adams County and the South Adams County Fire District).
The Suncor Boys and Girls Club opened in 2015 on 2.5 acres of land donated by the URA at the southeast corner of the property. Updated zoning unique to the site was approved in January 2017. REGen will now secure financing for the development, finalize engineering designs (for roads, drainage facilities, etc.) and work toward completing the initial land sale agreements to private builders. Infrastructure construction is currently scheduled to begin by the end of this year, with construction of the first residential units set for 2019.
Learn more and see the plan online at www.c3gov.com/MHGP.
PHOTO: This conceptual rendering shows the proposed site plan for the Mile High Greyhound Park redevelopment at full build-out. Aerial view looks to the southeast.