Redevelopment of a vacant site into a 9-story, 100 room hotel and 26,000 square feet of retail and restaurant space.
In 2012, the Denver Urban Renewal Authority prepared the Ironworks Foundry Urban Redevelopment Plan, which described the anticipated project in the Ironworks Foundry Urban Redevelopment Area. The plan was approved by City Council, and The Source was undertaken and substantially completed in late 2013.
On June 8, 2015, the Denver City Council approved an amendment to the plan to add the Phase Two Urban Redevelopment Project as an Urban Renewal Project, and to create the Phase Two Property Tax Increment Area and the Phase Two Sales Tax Increment Area.
The redevelopment project has been designed to complement the adjacent project, The Source, while expanding upon its urban marketplace success. Approximately 81,000 square feet of hotel, retail, restaurant and event space, and a parking structure containing an estimated 305 stalls will be included in the development. The nine-story hotel is expected to have 100 rooms, and 26,200 square feet of retail and restaurant space attached or adjacent to the hotel building. A courtyard will link the retail components of the development area to The Source. The project will help to activate a section along heavily trafficked Brighton Boulevard, bringing hotel, light industrial, dining and service options to a growing Denver community.
New Belgium Brewery has agreed to lease approximately 10 percent of the retail portion of the area, and open a pilot brewery and tasting room. Terms of the agreement reflect lease rates that are slightly lower than pro forma projections.