Page 61 - Denver, CO Adaptive Reuse Program

Recommendations
Implementing the adaptive reuse program will not only require
citywide support, but will need assistance from external partners
and funds to help property owners make their projects a reality.

Explore Updates to Existing Incentives and Opportunities for
New Incentives
Providing financial incentives for property and business owners
supports adaptive reuse work along East Colfax. However, regu-
larly reviewing the requirements for the incentives, and looking for
opportunities to establish new incentives is needed.

i. Revise Vacant Building Rehabilitation Tax Credit
Requirements
Consider ways to reduce or remove the requirement that a prop-
erty needs to be vacant for at least 2 years to qualify in order for
properties along East Colfax to qualify. This could include starting
a statewide advocacy push to remove the requirement or deter-
mining if an exemption for this corridor or the City of Denver is
possible.

ii. Create an incentive that favors longer lease terms
Investigate an incentive that leads to longer lease terms along East
Colfax in a holistic way as to not have unintended negative con-
sequences to the variety of lessees along the corridor. This recom-
mendation is in response to the development pressures along East
Colfax that have led some property owners to move to month to
month leases. While this could prove profitable for an owner hop-
ing to sell, it makes it challenging for a business owner renting that
space and hoping to stay for the foreseeable future.

iii. Increase Project Coordination
Providing clearer coordination between departments for adaptive
reuse project applications in order to reduce unnecessary delays
and unnecessary spending is critical. This is particularly evident
through the requests for right-of-way improvements that prop-
erty owners are required to complete, despite the large fund set
aside for updates associated with the BRT project. A coordinated
approach to this issue is needed in order to reduce the financial
burden that is passed along to property owners.

Adaptive Reuse Strategy Paper 57