New development plan for 9th & Colorado site of old University Hospital complex

“We are continuing to work with them. We are in negotiations with this project. Our interest continues in this site. We are continuing to work with the city and its partners to create a redevelopment of this property that would serve this unique Denver neighborhood,” said McGannon.

According to Denver City Council President Mary Beth Susman, the new plan calls for King Soopers, a senior living facility and a hotel, along with peripheral retail.

A plan surrounding an urban Walmart, other retail and a 400-person apartment complex was halted after Walmart backed out in October. Residents near the site rallied against the proposal and the Tax Increment Financing (TIF) that the developer was seeking.

TIF allows the developer to keep some of the tax generated in order to pay off the debt.

Fuqua Development has a contract with the University of Colorado to buy the site for $31.8 million.

“In terms of needing public financing, given the price for the property and the demolition mediation just to get it ready, I would think that they need to have increment financing, unless they have really deep products,” said Denver City Council President Mary Beth Susman.

7NEWS asked Susman why the city of Denver should offer public financing for a sale between the University of Colorado and a private developer.

“Having a bunch of empty buildings is never good for your city. The city has an interest in activating that space. The city has an interest in creating jobs and revenue and economic development,” said Susman. “It would be to our benefit to help a developer make that an active place if they couldn’t do it on their own.”

Susman was against the plan involving Walmart because she didn’t feel it included enough housing to create added sales from the new retail.