First wave of downtown Denver’s $570M is here — see what 10 projects got funding

By Bernadette Berdychowski July 30, 2025 | updated 2 days ago

052925-dg-biz-16th-street_1.jpg (copy) — FILE PHOTO: Outside one of the newly-finished blocks on 16th Street in Downtown Denver on May 29, 2025.
Bernadette Berdychowski / The Denver Gazette

A big flush of cash is coming to downtown Denver.

Mayor Mike Johnston announced a package of $100 million funding for 10 projects aimed at boosting downtown’s economy around major hubs, such as Skyline Park, Glenarm Plaza and Civic Center Park.

Those projects include converting historic 16th Street buildings into housing, buying two parking lots by the Denver Pavilions, funding major park improvements and turning the McNichols Building at Civic Center Park into a dining destination.

“What you’ll see here is true private, public partnership with a detailed strategy for how to activate the places and spaces that make folks want to be downtown every day,” Johnston said at a press conference at the McNichols Building.

The Denver Downtown Development Authority voted Wednesday to approve 10 projects for the first major wave of funding, using $100 million out of $570 million available over the next decade.

Mayor Mike Johnston announces the first big round of funding from the Denver Downtown Development Authority totaling about $100 million for 10 projects on July 30, 2025.
Bernadette Berdychowski / The Denver Gazette

Many projects that got approval for $500,000 or more will still need City Council approval.

The DDA gave out one award earlier this year to help the city pay for a downtown police unit, though the latest funding round marked the largest infusion of cash into the city since the finance tool was expanded.

The largest award went to Civic Center Park for $30 million to help fund a major improvement project known as Next 100 Vision Plan, which includes turning around the Greek Theater with a design from Studio Gang.

The McNichols Building, the city’s venue, also got $7 million to turn the ground floor into a dining space with an outdoor garden patio leading out into Civic Center Park.

The city has already approved designs and contracts for Civic Center Park’s renovation, but the city’s Chief Projects Officer Bill Mosher said construction has stalled due to lack of funding.

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“The DDA is putting in the last money,” he said. “So, we’re really the ones who are making it happen.”

Outside the McNichols Building on July 30, 2025, which was awarded $7 million from the DDA to convert the ground floor for uses such as retail and dining.
Bernadette Berdychowski / The Denver Gazette

Denver is also going to buy two parking lots on both sides of Glenarm Plaza owned by Brookfield Properties for $23 million in hopes to sell it again for a redevelopment project, Johnston said.

Because it’s connected to the shopping mall, Mosher said it was difficult for that parking lot to be redeveloped.

“We took that upon ourselves to try and help resolve the issue and try and figure out a way to get those two properties back on the market in the next year or two,” Mosher said.

He added it may be a high price per square foot for the land, but the city will also offset it by getting the parking revenues from the lot before it sells it.

The mayor’s office also said in the announcement that buying the lots will “address affordable parking along 16th Street.”

When it comes to making downtown more of a neighborhood, the DDA will help fund two office conversion projects of historic buildings on Champa and 16th Streets.

The Symes Building got the green light for $17 million and the University Building got $14.5 million, bringing a total of 236 new units to downtown. Some will be designated as affordable housing.

Most of the money for the 10 projects, subject to council approval, should be delivered within 12 months, Mosher said.

Doug Tisdale, board chair of the Downtown Development Authority, announces the first big round of funding totaling about $100 million for 10 projects on July 30, 2025.
Bernadette Berdychowski / The Denver Gazette

The projects the DDA considered are “ready for prime time,” said DDA Board Chair Doug Tisdale on Wednesday morning before the board went to vote on the projects in an executive session.

The DDA is a financing tool sanctioned by state law to fund urban core projects that will bring more economic activity by using property and sales tax money generated by the development.

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It’s not an extra tax, but rather a loan that will be paid back using the future tax revenues.

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The authority was created in 2008 to pay for Union Station’s 2014 major restoration. As the city paid off the bonds from that project, officials looked to preserve the funding mechanism and the tax money already generated from the project by expanding it last year to include most of downtown. The aim is to help speed up recovery from the pandemic.

The city received about 55 applications for the funding, Dawnna Wilder, capital planning project manager for the city’s Finance Department, previously said. About nine were ineligible for review.

In total, the DDA received more than $515 million in funding requests.

It’s intended to be a final push for nearly-ready projects that banks won’t fully fund. The DDA will finance up to 20% of total costs for development projects, according to the city. Acquiring the parking lots by the Denver Pavilions was the only project of the 10 that will be fully funded by the DDA.

“This first tranche of debt issuance signals to the market that we’re holding some capacity for major projects,” Wilder told the board on July 17.

As downtown’s recovery from the pandemic continues, Denver is facing a tight budget with declining sales tax revenue, which has pushed Johnston to layoff city workers and reduce operations. It’s estimated the city has a pending $250 million shortfall.

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The DDA would not use money from the general fund the city operates on but the authority aims to increase the sales tax revenue for the city to improve the fund in the future, Johnston said.

“We do need to keep investing, keep growing, but we have to do it with different resources,” Johnston said.

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The DDA also approved about $2.7 million to bring Green Spaces Market, a coworking and incubator space in Five Points, for a retail space that would offer affordable spots for small businesses and nonprofits to operate out of downtown.

Other incentives went to Milk Tea People to help it relocate to a more visible location on 16th Street for $640,000 and Sundae Artisan Ice Cream’s new flagship store on Glenarm got a $750,000 incentive.

Outside the McNichols Building on July 30, 2025. The Populus hotel is to the right.
Bernadette Berdychowski / The Denver Gazette

Denver Immersive Repertory Theater was awarded $400,000 to renovate space for immersive, theatrical production studio and venue.

“Some of those projects are currently underway,” said Adeeb Khan, the city’s top economic development official. “This funding will probably fully realize their opening.”

Here’s the full list of funding awards:

1. $2.7 million to create a new downtown retail space for Green Spaces Market

2. $400,000 for Denver Immersive Repertory Theater renovations

3. $640,000 to relocate Milk Tea People to a bigger and more prominent 16th Street storefront

4. $750,000 for Sundae Artisan Ice Cream’s store on Glenarm

5. $17 million for converting the historic Symes Building to create 116 units of new housing and renovate ground floor and outdoor patio space

6. $14.5 million to convert the historic University Building to create 120 units of mixed-income housing.

7. $23 million for the DDA to buy two parking lots by the Denver Pavilions to prepare it for redevelopment and sell it to a mixed-use developer.

8. $5 million for improving Skyline Park

9. $7 million to convert the McNichols Building ground floor to a restaurant and retail space with an arts marketplace and outdoor garden dining

10. $30 million for improving Civic Center Park. (The Civic Center Conservancy will work to raise private funds to help reduce the DDA’s investment, according to the city.)

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