DENVER - Mayor Michael B. Hancock and the Denver Office of Economic Development announced the winners of the city's first-ever Welton Design/Development Challenge.
The unique funding approach with pre-development funds garnered 10 proposals in January for commercial and mixed-use residential projects along the primary corridor of the Five Points business district. OED's community-based selection committee opted to fund the top five.
"When we stood here on Welton Street last August and announced this opportunity, making the call to the community to present bold, collaborative projects for consideration, we didn't know what to expect," Mayor Hancock said. "This funding marks a significant milestone, as these projects not only highlight of my administration's commitment to making real and lasting progress when it comes to jobs, housing, and retail for Five Points, but provide an incredible glimpse of what's possible here on Welton."
The project winners are:
- The Arcade & Rosenberg's Bagels, 2714 Welton St. - Historic Arcade Building to be renovated and transformed into 2,400 sq ft space of retail featuring Rosenberg's Bagels and Delicatessen; equal residential space on upper floor to provide 2-4 residential units. Project award: $75,000
- nuROOT Innovative Office Space, 2942-2944 Welton St. - Designed for emerging businesses ready to grow beyond a conventional incubator setting, this project will feature 4,710 sq ft of office space, plus 2,310 sq ft for a new eating/drinking establishment. Project award: $75,000
- Palisade Partners, 2460 Welton St. - Two adjacent vacant parcels at the intersection of 25th and Welton to be developed into 82 apartments, 14 townhomes and 3,000+ sq ft of ground-floor retail. Project award: $100,000
- The Rossonian Development, 2600 block of Welton - Renovation and restoration of historic hotel to be complemented by new, mixed-use construction. Project spans 192,225 sq ft, including 64 new residential units, office space, shopping, dining and venue options. Project award: $150,000
- Saint Bernard Properties, 2950 Welton St. - 3,115 sq ft vacant lot to be transformed into a three-story, mixed-use building including four apartment units. Project award: $75,000
"We were very impressed with both the quality of the proposals and the range of intriguing concepts for the Welton Corridor. Several of them start with empty lots and build new, while others represent exciting 'legacy' investments for historically-focused renovations of existing structures," said OED Executive Director Paul Washington. "We're enthusiastic about the collective future vision for Five Points that this process demonstrates."
In all, the 10 applicant projects collectively represent $88 million of development activity that would create nearly 500 jobs. The proposals include 77,000-square-feet of retail space, 63,000-square-feet of office space, and 277 new housing units.
The pre-development grants will fund a wide range of expenses, including architectural renderings, engineering specifications, financial pro formas, environmental reviews and market research. The grants are designed to help support the steps generally required to prove project viability and garner commercial financing.
Funds for the Welton Challenge awards are derived from the city's federal Community Development Block Grant funding.
The Denver Office of Economic Development is dedicated to advancing economic prosperity for the City of Denver, its businesses, neighborhoods and residents. Working with a wide variety of community partners, OED operates to create a local environment that stimulates balanced growth through job creation, business assistance, housing options, neighborhood redevelopment and the development of a skilled workforce.
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