Trail-Oriented Development / Natural Amenity Leverage Case Study Riverfront Park: Denver, Colorado
Riverfront Park is an urban infill community that was developed in Denver, Colorado including a mix of more than 1,800 rental and owner-occupied housing units, and almost 50,000 square feet of retail and commercial development. The development is anchored by a 19-acre city-owned park and connected across the South Platte River by several pedestrian bridges, and major arterials. The City of Denver initiated the project and worked with a master developer to assemble and rezone the various parcels of land under a cohesive vision codified with form-based zoning. Built on a brownfield and former rail-yard, similar to Sample Area #1: Cobb Park/Riverside TOD (Transit Focused Large-Scale Lifestyle Village), the project was funded through a mix of public and private investments. The result of the public-facing planning and visioning process was an implementable 21-block infrastructure and development plan. East West Partners purchased the entitled land from the previous ownership group in 1999, citing Commons Park and access to the South Platte River as key attractors to the project, as it aligned with their vision for future development of the area. During the process, the City established a special district as well as the South Platte River Commission, which each facilitated the sale of 25-acres of land along the South Platte River that was used for the development of a new park to anchor the private development. The City also had to invest considerable dollars to remediate the railroad land, which had been contaminated with coal ash over the years. The process also established urban design standards and guidelines for the area that addressed a variety of design considerations, requirements, setbacks, and standards. As with most large-scale projects of significant complexity, financing the project was an exercise in patience, phasing, adaptability, and sales/presales. The financing strategy deployed involved selling various strategic parcels once the vision and plan were established to other developers, often apartment and residential developers. Each building within the project was financed independently, allowing developers to finance development costs through sales revenues and deposits, thus reducing debt and interest costs.
168 | East Berry Corridor Study
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