Denver voters recently approved a $570 million initiative to expand the Denver Downtown Development Authority (DDDA), an effort aimed at revitalizing the city’s central business district, especially post-pandemic. This measure, supported through tax increment financing (TIF), will draw increased property tax revenues from designated areas to fund public space improvements, enhance transportation, and encourage mixed-use developments. The goal is to stimulate growth and make downtown Denver more attractive for businesses, residents, and visitors.
The funds will focus on several key areas, including:
- Public Spaces: Adding green spaces, tree canopies, and more welcoming public areas.
- Ground-Floor Activation: Converting inactive ground-level spaces into retail or community-use areas.
- Mobility & Connectivity: Improving street designs for pedestrians and multimodal transport, as well as linking downtown to surrounding neighborhoods.
- Equity: Ensuring accessible amenities and services for a diverse population.
Implications for Property Managers and Tax Planning:
- Potential Property Value Increases: Improved infrastructure and accessibility may raise property values, impacting property tax assessments.
- TIF Reinvestment Opportunities: The TIF model directs tax increments back into district improvements, potentially benefiting property owners by enhancing area desirability.
- Future Development: Property managers may see new development opportunities due to expanded incentives and downtown revitalization initiatives.