Denver Moves Forward on Downtown Revitalization as DDA Secures $210M in New Financing
DENVER, CO – Denver’s Downtown Development Authority has locked in $210 million in new financing, marking a major step in the city’s long-term plan to reinvest in the downtown core and accelerate recovery efforts after several challenging years.
The current Denver Downtown Development Authority boundaries approved in November 2024
The approved package includes a $160 million fixed-rate loan and a $50 million revolving credit line, both provided through PNC Bank. City Council signed off on the agreement this week, giving the DDA the financial capacity to retire older debt and move ahead on a growing list of downtown improvement projects.
The funding builds on the momentum created last November, when voters authorized the DDA to increase its total borrowing capacity by up to $570 million. That voter-approved expansion laid the groundwork for a more ambitious slate of projects — including redevelopment, streetscape upgrades, public amenities, infrastructure modernization and adaptive reuse of underperforming buildings.
Since then, the DDA has begun putting those tools to work. Earlier this summer, the authority and the city jointly advanced the first wave of investments, dedicating $100 million toward business stabilization, redevelopment opportunities, public space improvements and housing-support initiatives. The DDA also closed on the Denver Pavilions in early fall, purchasing the property for $45 million with plans to reposition the retail center, overhaul the parking lots and bring in new tenants.
According to city documents, the newly approved financing package gives the DDA not only the capital needed to meet existing obligations, but also the flexibility to move quickly on short-term opportunities as downtown conditions evolve. Both the loan and the credit line will be repaid through tax increment financing (TIF) generated within the DDA boundary — a funding source that continues to strengthen as downtown activity improves.
Recent data from the DDA shows signs of continued recovery:
• Foot traffic in September climbed to 93% of pre-pandemic levels
• Weekday office presence has reached 64% of 2019 activity
• 57 new ground-floor businesses have opened downtown so far this year
• TIF revenue grew 1.6% year-over-year in Q1 2025
Together, these indicators suggest a downtown that’s slowly but steadily stabilizing with new development tools now in place to support its next chapter. Developing Denver will continue to cover each stage of the DDA’s revitalization work as new projects roll out.
All project information was sourced from publicly available site plans, renderings, and permitting documents.
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All project information was sourced from publicly available site plans, renderings, and permitting documents.
3 minute read • A new adaptive reuse project is planned for 3500 West 23rd Avenue in Sloan’s Lake, where an existing one story auto shop would be transformed into a neighborhood beer garden with a self pour beverage wall, food vendor space, and expanded outdoor seating