Denver Successfully Approves More Than $500M Investment in Downtown

Denver Successfully Approves More Than $500M Investment in Downtown

Published on November 06, 2024

Downtown Denver voters yesterday approved ballot measure 6A, allowing the city to invest a historic $500 million into Denver's economic core through the Downtown Development Authority (DDA) and bring transformative changes to the city center.

"As cities across the country struggle to bring their downtown back to pre-pandemic levels, Denver has decided to face this seemingly unsolvable challenge head-on and bet on our cultural, civic, and economic core by passing 6A with more than 80% support," said Mayor Mike Johnston. "The successful expansion of the Downtown Development Authority gives us the resources we need to invest in the transformative projects that will revitalize Downtown Denver. The funding will help bring new opportunities for downtown and beyond - from new housing to revitalized public spaces to economic opportunity and growth. Thank you to City Council, our community partners, and Denverites across the city for engaging in this process and building a shared vision for our downtown."

By approving these new funding resources, Denverites have opened new opportunities to revitalize downtown Denver and build upon recent growth. After a slow post-pandemic recovery, Downtown Denver has started to see the benefits of investment as blocks begin to reopen on 16th Street, foot traffic has increased, revenues for small businesses have gone up, and more businesses are looking to lease downtown. The catalyzing investment of more than $500 million will continue to expand that impact by investing in new housing options, supporting local entrepreneurs, attracting world-class businesses, and opening new spaces for people to live, work, and play downtown.

Denver's existing DDA was established in 2008 and allowed the city to generate revenue from a portion of the property and sales taxes collected in the area of Union Station and Market Street Station. Earlier this year, the DDA Board voted to expand the boundaries of the existing DDA to include a much wider swath of downtown, and City Council is expected to vote on the new boundaries on December 9. Thanks to the passage of 6A, Denver will quickly be able to invest in projects across the city center, pending Council approval.

Planning and community engagement for implementing the new funding within the expanded boundaries is already underway. Earlier this year, the city conducted surveys of downtown residents and visitors to determine how Denverites would like to see this money spent and used those findings to create a Plan of Development, which has been approved by the Planning Board and will go before the DDA Board tomorrow, November 7 and before City Council for approval on December 9.

If the Plan of Development is approved by Council, the city will immediately begin working with property owners to petition into the DDA and open applications for downtown revitalization projects to receive funding. Projects are anticipated to begin receiving funding in 2025.

The new funding will bolster Mayor Johnston's investment and commitment to revitalizing downtown throughout his administration. In his first year and a half as mayor, Johnston built and implemented the successful All In Mile High program, permanently closing every encampment in and around downtown and helping move more than 2,000 individuals off the streets and into housing. The Denver Post editorial board praised the effort, saying that "the transformation downtown is palpable." Johnston has accelerated the timeline for completion of construction on 16th Street and has already opened four blocks, resulting in an economic boost to downtown. Johnston also launched the Clean and Safe Downtown program to ensure the city center remains a safe and inviting place for visitors and residents alike.

More information about the Downtown Development Authority, the community engagement process, and next steps is available at denvergov.org/DDA.

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