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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 residential units, a central publicly accessible plaza and pocket park, roughly 25,000 square feet of retail, public restrooms, a preserved Curtis Block historic building and public parking. Council members noted 20% of units will be designated as affordable housing under terms of the development agreement. The mayor and council leadership said the project aims to add residents who can patronize downtown businesses and to provide public amenities maintained by the developer.
Council next considered Ordinance 25-20-25, a tax-increment financing (TIF) and service-payment agreement to fund public infrastructure and to allocate incremental revenues to support project costs. Several council members explained that because the hospital previously operated as a nonprofit and paid little or no property taxes, the parcel currently produces little tax revenue for city and school districts; redevelopment will generate new tax revenues and the proposed TIF allocates increments to finance public elements while providing for school-district agreements to preserve their current revenue flow.
Speakers and public comment included supporters and a critical public commenter who warned that the financing and incentives represent a large public subsidy and questioned whether the city was meeting fiduciary duties. Council discussed oversight measures and said performance guarantees and prevailing-wage provisions are in the development package. Vice President Baker recused from votes related to the property due to an employment connection disclosed on the record.
Both ordinances were adopted by council after discussion and public comment; several council members praised the planning work and said the project is a once-in-a-generation redevelopment that should catalyze further downtown investment.
Ending: With title transfer and TIF authorization approved, the administration and developer will proceed to close the purchase-and-sale and begin preconstruction steps; council said it will monitor performance guarantees and the affordable-housing commitments in subsequent phases.
