Denver city officials will consider investing up to $400 million on the next project at the National Western Center under a new finance plan for a complex that includes an equestrian center, a hotel, new housing and a parking garage.
The plan marks the next stage of a massive development project on the 250-acre campus in the Elyria-Swansea neighborhood in northern Denver. The center, which is the home of the National Western Sock Show, has been under redevelopment since 2019 as the city and several partners expand the facility into a year-round exhibition, agricultural education and entertainment campus.
“To take this history of who we are as a state, who we are as a city and evolve it into this cutting-edge place for education, agriculture, entertainment, culture and community … we think that is going to be very attractive to visitors,” said Brad Buchanan, the CEO of the National Western Center Authority, in an interview.
Mayor Mike Johnston’s office and the authority, which operates the campus, will pitch the concept — developed over the past 10 months — to a City Council committee on Wednesday. The new details are being fleshed out as the city considers a project support agreement for a public-private partnership that officials announced for the equestrian center project’s development last June.
The project includes plans for a 4,500-seat equestrian center, a 570-stall stable, a 160-room hotel, 30 to 40 units of workforce housing and 580 parking spaces, according to a city presentation.
The housing for people who meet certain income limits is a component added with input from the community, the presentation says.
The city estimates the principal of the project will cost between $350 million and $400 million. The final cost will be set once the design is completed, said Laura Swartz, the communications director for the Department of Finance.
Under the proposal, the project’s design and construction costs would be financed over 35 years through annual payments of up to $23 million. Without any changes in interest rates or refinancing, that could ultimately amount to the city paying more than $800 million; those make up the bulk of the agreement, with contingent payments also possible.
The city would tap revenue from Ballot Measure 2C, a 2015 voter-approved measure permanently extending taxes on hotels and car rentals to support the National Western Center.
The goal is to begin construction this fall and complete all elements of the project by 2028, Buchanan said.
The city chose Community Activation Partners, a consortium of contractors, to develop the project. It is made up of Toronto-based development firm Fengate Asset Management, Greeley-based Hensel Phelps Construction, and the Denver-based firms McWhinney Real Estate and Sage Hospitality.
The city owns the land and will be responsible for the planning, design, construction and financing of the additions. The National Western Center Authority will run programs, operations, maintenance and development.
The council’s South Platte River Committee is set to vote Wednesday on whether to forward the proposal to the full council.
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