A long-awaited transformation of the Rock Drill property in the River North Art District (RiNo) is inching closer, with critical votes expected on September 15 that could dramatically reshape the 6.7-acre industrial site.
Nearly four years since it was put under contract, stakeholders are gearing up for a decisive City Council meeting regarding a rezoning and development agreement, as well as discussions surrounding up to $39 million in tax-increment financing for the ambitious mixed-use project.
Eric Buchanan, CEO of OliverBuchananGroup (OBG), expressed enthusiasm about reaching this pivotal moment after years of planning and negotiations.
The property, located along 39th Avenue between Franklin and Williams streets, has been largely unused and was once the home of Denver Rock Drill Manufacturing Co.
Byron Weiss, the current owner, acquired the site in the early 1990s for his warehouse equipment business, which has relocated to Montbello over a decade ago.
In recent years, the jumble of industrial buildings on the site has primarily served as storage, as Weiss indicated that previous attempts to sell the property had failed.
“It’s such a unique and unusual site,” Weiss remarked in 2022, emphasizing that it should not be repurposed merely for storage.
The vision for the Rock Drill site includes demolishing much of its western area to allow for new structures, while focusing on historic preservation in the eastern part.
Tracy Huggins, Executive Director of the Denver Urban Renewal Authority (DURA), spoke at a recent City Council committee meeting, outlining OBG’s plans for the site.
The current developmental outline proposes constructing 700 to 800 residential units in high-rise buildings reaching up to 22 stories, with a commitment to reserving 10% of these units for households earning a maximum of 50% of the area median income.
Additionally, OBG aims to establish a hotel with 150 to 220 rooms positioned at the northeast corner of the property.
Retail spaces would be integrated across the new developments, including in a repurposed former foundry and boiler room, which are part of the adaptive reuse strategy for the site.
The plan includes 100,000 to 150,000 square feet dedicated to retail space, along with 40,000 to 60,000 square feet for offices.
Buchanan highlighted the unique character of the Rock Drill site and its potential to create a special place for both future residents and investors.
As he noted, “Capital wants a story just like the customer.”
Buchanan also shared insights into the retail vision, suggesting a need for cohesive retail and restaurant spaces in RiNo.
While he acknowledged that other local projects seeking grocery stores have faltered, he remains optimistic, stating, “We’re going to do everything in our power to bring a grocery store to the neighborhood.”
The collaboration between OBG and DURA began earlier this year, with Huggins describing the Rock Drill property as “an important but challenged site” ripe for redevelopment.
The tax-increment financing proposal is designed to allow OBG to recoup specific costs using the increased property and sales tax revenue that the completed project will generate.
According to city documents, the requested $39.1 million accounts for 6.9% of the overall project budget, which totals $566 million.
This estimate does not include a separate property located across Williams Street, where OBG plans to add another 362 residential units.
If the City Council approves the necessary agreements on September 15, construction could commence as early as next year, with plans to execute the entire project in one phase rather than in segments.
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