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Council approves sale and tax-increment plan for former Lakewood Hospital site; developers to build mixed-use project with public plaza and affordable units
Summary
Lakewood City Council approved a purchase-and-sale and accompanying tax-increment financing agreement on Sept. 15 to redevelop the former Lakewood Hospital site, approving a plan that includes roughly 298 housing units, 25,000 square feet of retail, a public plaza and 20% of units set aside as affordable.
Lakewood City Council approved two ordinances Sept. 15 that clear key legal steps for a major downtown redevelopment of the former Lakewood Hospital site.
Ordinance 24-20-25 authorizes the City to transfer title of the redevelopment parcel to Bell Avenue Partners under a purchase-and-sale and development agreement negotiated over months between the administration, the developer and council. Council members described the agreement as the culmination of several years of planning following the hospital—s closure, with the new project replacing a long-vacant site.
Councilman (public commenter) described the project scope in committee and at council as including approximately 298…
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