On Aug. 16, The Source Hotel and Market Hall became the newest addition to Denver’s rapidly developing River North (affectionally called RiNo) neighborhood. Hotel staff, marketplace retailers, restaurants and the soon-to-open New Belgium brewery showcased products and chatted up event attendees.
The project is the latest Denver Urban Renewal Authority (DURA)-funded redevelopment venture to reach completion.
Josh Widoff, chair of the DURA Board of Commissioners spoke at the event alongside developers, hotel management and local civic leaders.
“What used to be a blighted site is now a hotel that will contribute to the local economy — creating jobs, improving property values and generating new tax dollars,” said Widoff.
Fewer than 10 years ago, RiNo was a neighborhood in decline. But city leaders, including the mayor, saw the potential of renewing the area and making it a true gateway to the city.
The goal of many DURA-funded projects is to create spaces that will act as a catalyst in struggling neighborhoods – attracting further investment, new projects and contributing to infrastructure updates like roads, sewers and sidewalks.
The Source and The Source Hotel are a great example. Housing and new small businesses are flourishing in RiNo, and right outside the hotel’s front door is the newly-rehabilitated Brighton Boulevard, which has improved access to the vibrant district.
With DURA’s participation, Denver and the RiNo neighborhood don’t just have a new hotel and watering hole — they have a project that provides first opportunity for employment, and in time, a new source of tax revenue.
“We love seeing projects like this come to fruition, but the process isn’t always easy,” said Widoff. “As a governing board for the organization, we really have to look from all angles at whether a potential project is good — not just for the developer, but for the neighborhood, local business, the people who live nearby, and for Denver as a whole.