The West Alameda Avenue Corridor reinvestment area, located in central Lakewood, has been a major catalyst in transforming and creating a true downtown in Lakewood. Most of the West Alameda corridor, including the site where the City offices now stand, was designated as a reinvestment area (Phase I) in 1998. Since the area’s designation, the LRA has helped bring a number of redevelopments projects to fruition, such as Home Depot, Coca-Cola All Star Park and Lakewood City Commons, though none of these used tax increment financing.
The reinvestment area was amended in 2000 to include the site of the former Villa Italia Mall (Phase II), now the site of Belmar.
Reinvestment Area Summary
| Acres |
589 |
| Year Adopted |
1998 - Phase 1
2000 - Phase 2 |
| Year Increment Capture is Complete |
2023 - Phase 1
2025 - Phase 2
|
| Current Project |
Belmar |
The Colfax-Wadsworth reinvestment area was designated in 1999 as a reinvestment area, and the Creekside project was deemed an urban renewal project the same year. The district is located at the northeast corner of West Colfax Avenue and Wadsworth Boulevard. Once occupied by a Kmart, this site sat vacant for 10 years due to challenges associated with multiple ownership and drainage issues, despite its potential as a location with high vehicle traffic. When the area was designated as a reinvestment area, tax increment financing was used to overcome these challenges, and the site was redeveloped as Creekside Shopping Center. Creekside is now home to a 220,000 square-foot Super Wal-Mart and five pad sites, including 37,000 square feet of shops which range from restaurants to small service retail stores.
This project has spurred adjacent development, such as Home Depot and Colfax Central.
Reinvestment Area Summary
Established in 2005, the West Colfax Avenue Corridor Reinvestment Area encompasses an area of 813 acres, primarily commercial, along West Colfax Avenue from Sheridan Boulevard to Simms Street. The stretch includes some areas near future light rail stations. This designation resulted from Lakewood residents' demands that the City take action to improve West Colfax Avenue.
The Station Betterment project, found within this reinvestment area, was designated in 2008, and allows for funding improvements to light rail stations at Wadsworth Boulevard and Oak Street.
The West Colfax Avenue Corridor reinvestment area stems from the West Colfax Citizen’s Advisory Committee, which spent more than 18 months examining issues along Colfax, ultimately recommending adoption of the West Colfax Avenue Corridor redevelopment plan. The plan contains specific citizen ideas that provide added protections for private property owners while recognizing that eminent domain might be appropriate or necessary under some circumstances. The plan also includes a list of objectives for the area by which all future projects will be considered. This area designation allows for projects to be developed using urban renewal tools, such as special financing mechanisms.
Several private redevelopment projects have been built in the West Colfax Avenue Corridor reinvestment area which did not require urban renewal assistance. Colfax Central, on the northwest corner of Colfax and Wadsworth, was built in an art deco style in 2005 with six restaurants and stores that include Qdoba, Starbucks and a dental office. Also in 2005, Home depot launched construction of a new store on a 9.2-acre site along Colfax.
Reinvestment Area Summary
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
| Acres |
32 |
| Retail |
266,000 square feet |
| Employment |
610 |