Redevelopment of the site of a former Montgomery Ward building into a 42-acre retail power center.
The shopping district at Broadway and Alameda, known today as Broadway Marketplace, began life in the 1950s as a major warehouse and retail operation. Originally anchored by major retailers such as Walgreens Drugs, Joslin’s Department Store, and Montgomery Ward, the center was an asset to the surrounding neighborhoods for more than 25 years. But by the early 1980s, retail shopping patterns had shifted, and the entire site was neglected and largely vacant. A private attempt at redeveloping the shopping center was undertaken in the mid-1980s, but that project also failed. The vacant Montgomery Ward building was plagued by several incidents of arson, and the abandoned property became a blight on the surrounding community.
To address the problem, DURA issued a request for proposals from developers in 1992 and subsequently selected Antonoff Miller Properties to redevelop the site. In 1993, DURA provided acquisition assistance to the developer and issued $16 million in bonds to assist with the $44 million redevelopment of the blighted area into Broadway Marketplace, a 420,000 square foot retail center. In addition, DURA provided relocation assistance to numerous residents and businesses whose property was acquired as part of assembling the 42-acre site.
The redeveloped site eliminated a number of dilapidated and deteriorated structures and helped to stabilize adjoining property values. Today, the site is once again providing needed retail opportunities for surrounding neighborhoods. CF Property Management Inc. acquired the property in 2007, and in April 2009, the City approved a General Development Plan (GDP) for the site and the adjoining Denver Design District. The new GDP allows for increased density across the site and greater utilization of the nearby light rail transit station, making way for a potential third era of redevelopment at the site in the future.