DURA advances Rock Drill urban‑renewal plan, seeks up to $39 million in tax‑increment support

The Denver Urban Renewal Authority on Aug. 26 presented an urban redevelopment plan and a city‑developer cooperation agreement to the Finance and Business Committee seeking tax‑increment financing to support redevelopment of the historic Rock Drill site in the Cole neighborhood. DURA staff said the plan and a companion cooperation agreement will be part of a public hearing package the city will consider Sept. 15; the committee voted to forward the matters to full council.

Tracy Huggins, executive director of the Denver Urban Renewal Authority, told the committee the proposed urban redevelopment area is about 8.4 acres in Cole, roughly 0.3 miles from the 30th & Blake RTD Station. The project team proposes a mix of new construction and adaptive reuse of historically significant sawtooth industrial buildings. Huggins said the development would deliver roughly 700–800 residential units, office and retail space, a hotel and parking, and possibly a grocery store.

DURA’s underwriting concluded the project requires public assistance to proceed as proposed. Huggins said the authority seeks both sales‑tax and property‑tax increment, coterminous with the project area, to reimburse…