Lakewood Reinvestment Authority Activities

Reinvestment Activities

A redevelopment project typically occurs when the Lakewood Reinvestment Authority (LRA) partners with the private sector for redevelopment of a specific location within a reinvestment area.

For more information contact: 303-987-7730

Creekside Activity

The Creekside Shopping Center has created a ripple of improvements at the major intersection of Colfax Avenue and Wadsworth Boulevard, which accomplishes one of the main objectives of any reinvestment plan. Creekside replaced a long-abandoned storefront with an attractive area of commercial activity, which spurred other companies and developers, such as Home Depot and the developer of Colfax Central, to build and revitalize along West Colfax Avenue. 

An impact study shows that in 2008 alone Creekside produced $6.8 million in economic and fiscal benefits for the local economy, including $1.2 million in net revenues for the city. Creekside draws employees and shoppers from outside Lakewood to spend money, and it shows in sales tax revenue generated from this site.  The Creekside project was designated an urban renewal project in 1999 to address a site that contained a Kmart building that sat vacant for 10 years due to challenges associated with multiple ownership and drainage issues. Creekside is now home to a 220,000 square-foot Super Walmart and 49,000 square feet of additional retail and service buildings. 

Project Summary

Alameda Streetscape Activity

Construction began April 2018 on the Alameda Streetscape Project along Alameda Avenue between Sheridan Boulevard and Carr Street. The project includes widening portions of Alameda Avenue, adding sidewalks (including Teller Street), landscaped medians and place-making elements; installing trees and aesthetic features such as flagstone accents; and making other improvements. 

These place-making improvements will bolster the economic vitality of the Alameda corridor in Lakewood, helping to produce continuing benefits to the local economy -- helping brand the Alameda Corridor as a wonderfully designed, efficient area where businesses thrive. Motorists, pedestrians, bicyclists and mass transit users will also find the corridor more inviting and usable.

Construction

Crews will be widening the roadway to accommodate landscaped island medians, sidewalks, curb and gutter, tree planting, landscape/irrigation and aesthetic features such as flagstone monuments, a new mast arm signal at Teller Street and street lighting.

Construction Hotline: 303-738-5122 

Sign up for regular updates by emailing PublicInfo@accbuilt.com noting “Alameda” in the subject line.

The project is overseen by the Lakewood Reinvestment Authority (LRA). Lakewood voters created the LRA in 1997 to encourage reinvestment in specific areas of the city to ensure their economic strength. In October 2017, the LRA approved the funding for the Alameda Streetscape Project's three areas, and the Project aligns with improvements noted in the City’s Downtown Lakewood Connectivity and Urban Design Plan as well as with Lakewood’s Comprehensive Plan.

The LRA has contracted with American Civil Constructors LLC to deliver three key areas of roadway and landscape improvements:

1. West Alameda Avenue from South Carr Street to South Pierce Street
2. West Alameda Avenue from South Harlan Street to South Benton Street
3. South Teller Street from West Alameda Avenue to West Bayaud Place. 

With these three areas, the Alameda Streetscape Project will bolster economic vitality, enhance community identity, improve safety and produce continuing benefits for the local economy. 

Placemaking element - Alameda and Wadsworth

Placemaking element - Alameda and Benton

Reconstruction Areas: West Alameda Avenue from South Carr Street to South Pierce Street and South Teller Street from West Alameda Avenue to West Bayaud Place

Reconstruction Area: West Alameda Avenue from South Harlan Street to South Benton Street

Belmar Activity

Belmar, Phase II of the West Alameda Avenue Corridor reinvestment area, is becoming downtown Lakewood. The site where Villa Italia, a traditional indoor mall that grew to 1.4 million square feet, existed for 35 years has become one of the premier redevelopment projects in the country. 

Belmar combines retailers, boutiques, restaurants, cafes, theatres, offices, residences, artist studios, parks and plazas; all within 22 city blocks. The development includes approximately 5,000 parking spaces in public parking garages, surface lots and street parking. Catering to the urban lifestyle, Belmar's streets, green areas and public art program are designed to encourage pedestrian traffic, promote community building and emphasize the importance of public spaces. The first phase of this $750 million plus project opened in May 2004. Currently, there are more than 80 shops and restaurants open in the development, which includes anchors Target, Best Buy, Nordstrom Rack, Dick's Sporting Goods, Whole Foods Market and Century Theatres. Belmar is also home to luxury condos, two educational facilities, more than 250,000 square feet of office tenants and Lucky Strike Lanes. Belmar’s mix of commercial and residential offerings continues to evolve. 
The LRA partnered with Continuum Partners in the redevelopment of Belmar providing financial support for public improvements, such as sidewalks, streetlights, parks and parking structures. 

Station Betterment Activity

The Station Betterment project, found within the West Colfax Avenue Corridor reinvestment area, was designated in 2008. It allows for the funding of improvements to light rail stations at Wadsworth Boulevard and Oak Street. Station improvements include expanded shelter areas, increased seating, native materials and unique designs. Construction of the betterments was completed with the opening of the West Rail Line in April 2013. 

The Station Betterment project was vetted through a citizens’ advisory group, comprised of community members who made an official recommendation to the LRA Board of Commissioners to designate it as an urban renewal project. The project is intended to protect light rail commuters from the elements, increase aesthetic views and attract development.  The project is designed to announce to commuters their arrival into Lakewood, help establish an identity for the city, while reflecting the uniqueness of the community. Station improvements will contribute to future reinvestment potential in the W light rail area.

 
Wadsworth Station Bridge Betterments (photo credit: RTD)

Oak Street Station Betterments

Project Summary

6051 W. Alameda Activity

• Purchasing properties within the Project Area, mitigating blighting conditions, and making the property available for future redevelopment are all consistent with the Urban Renewal Revitalization Plan approved by Lakewood City Council in 1998.
• 6051 W. Alameda Ave. is approximately .86 acres in size and motel operations have been the property’s historic use.
• The purchase price for the property was $3M and the value was supported by an independent market appraisal.
• This was a voluntary purchase made with the prior owner of the property, as he wished to sell the property.
• The Lakewood Reinvestment Authority Board of Commissioners approved the purchase, environmental remediation, and demolition of the structures on 3/20/2023.
• An environmental consultant was engaged to determine environmental conditions on the site and the site was remediated in accordance with the approved plan.
• Demolition of the structures began on 11/22/2023 and was substantially completed by 11/27/2023.
• The LRA is engaged in a study to make recommendations of highest and best use of the site.
• Per the Urban Renewal Statute, the Lakewood Reinvestment Authority will accept and review Requests for Proposals for the Redevelopment of the site. As part of this process, the LRA may choose to set specific restrictions upon the subsequent sale of the cleared property, which can ensure the mitigation of future blighting conditions and future redevelopment builds based upon community needs.

High and Best Use Study(PDF, 5MB)

6203-6205 W. Colfax Avenue Activity

• Purchasing properties within the Project Area, mitigating blighting conditions, and making the property available for future redevelopment are all consistent with the Urban Renewal Revitalization Plan approved by Lakewood City Council in 2005.
• 6203-6205 W. Colfax Ave. is approximately .46 acres in size (three parcels) and a motel operation has been the properties’ historic use.
• The purchase price for all three parcels within the property was $1.625M and the value was supported by the two (2) independent market appraisals. ($1.7M and $1.6M, respectively for the land.)
• On 5/22/2023, staff received formal direction from the LRA Board of Commissioners to acquire at $1.625M, mitigate environmental conditions (asbestos), and demolish the structures on the site.
• The LRA closed on the property on 7/28/2023.
• This was a voluntary purchase made with the prior owner of the property, as he wished to sell the property.
• An environmental consultant was engaged to determine environmental conditions on the site and remediation began on 11/27/2023.
• Demolition is anticipated to begin at the completion of environmental remediation; in early 2024.
• The LRA is engaged in a study to make recommendations of highest and best use of the site.
• Per the Urban Renewal Statute, the Lakewood Reinvestment Authority will accept and review Requests for Proposals for the Redevelopment of the site. As part of this process, LRA may choose to set specific restrictions upon the subsequent sale of the cleared property, which can ensure the mitigation of future blighting conditions and future redevelopment builds upon community needs.

High and Best Use Study(PDF, 7MB)

Revolving Loan Fund

The Revolving Loan Fund (RLF) encourages revitalization by providing funds to existing businesses and property owners for the purpose of improving commercial property and thus helping create a more vibrant community.

• Loans from $10K to $100K
• Terms: from 3 to 7 years
• Fixed interest rates not to exceed prime

Process

1. Contact Economic Development (ED) staff to discuss your project and determine if you are in the correct location (phase 1 project area)(PDF, 181KB)
2. Submit an application with all required supporting documents
3. ED staff will review for completion and schedule application for the Loan Approval Committee review
4. If approved, ED staff will make introduction to Colorado Enterprise Fund
5. Loan recipient will need to follow repayment and terms as laid out by the agreement with CEF

What can funds be used for?

• Exterior & Interior physical improvements
• Facade improvements
• Utilities or Infrastructure
• Fixed-assets investments to building
• Landscaping
• Sign replacement
• Health or sanitation improvements
• Activities related to removal of blight

Why Participate?

• Improve curb appeal to attract customers and increase sales
• Save money with below market loan rates
• CEF works with business owners that don’t qualify at traditional banks 

 Apply

(PNG, 144KB)

Contact: KatFal@Lakewood.org