Adaptive reuse of an historic brick industrial building into a new “open market” focusing on artisanal food and beverage production.

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Approval Date

2012

Developer

Zeppelin Development

Total Project Cost

$4.7 million

DURA Participation

$1.115 million developer reimbursement through TIF

Tax Increment Source

Property and sales taxes

Term

Earlier of developer reimbursement or the year 2037

Project Highlights

  • Renovation of a vacant historic building into a mixed-use destination for food and drink
  • Restoration helped usher in the cultural development and revitalization of the River North district and Brighton Boulevard

The historic Ironworks Foundry property is located in the heart of Denver’s River North district. Originally the property was used for industrial and warehouse purposes and consists of two adjoining Colorado red brick buildings with large, 60’ tall interior ceilings. The buildings were constructed in the 1880’s as part of the Colorado Ironworks development, and were first used as a blacksmith and boiler shop. Various businesses occupied the buildings until 2010, after which they fell vacant. The property became a target for graffiti and fell into a state of general disrepair.

In 2012, Zeppelin Development purchased the property with the goal of creating a unique regional attraction by redeveloping the existing buildings into a 25,000 square-foot marketplace with a focus on artisanal food and beverage-producing tenants. Extensive renovations on the Foundry property were needed, including extensive structural repairs and reinforcements as well as the addition of modern electrical, plumbing, and HVAC systems. Four two-story garage-style doors were added to the front of the building. Site improvements included outdoor patio space as well as new landscaping and exterior lighting. The Zeppelin team secured a mix of tenants including two restaurants, a brewery, an artisan foods vendor, a bread bakery, a coffee producer, a butcher, a florist, a bank, a liquor store and more. ‘The Source’ opened in phases between September and November 2013.

Through both DURA’s participation and Zeppelin Development’s redevelopment vision, the Ironworks Foundry’s transformation into The Source has helped to support the revitalization of the River North District and Brighton Boulevard, an important arterial link to downtown Denver.