Since its inception in 1997, the LRA has established three reinvestment areas. Within these, the LRA has carried out multiple redevelopment projects that have produced vibrant new places and spaces to enhance what makes Lakewood a great city.
A reinvestment area can only be established after:
1) a conditions survey/blight study has been conducted showing that the proposed area has sufficient factors of blight, according to Colorado State Statute 31-25-1, and,
2) the Lakewood City Council has adopted, through public hearing, a redevelopment plan for the proposed area.
Lakewood Reinvestment Areas
West Alameda Avenue Corridor Redevelopment Area has been a major catalyst in transforming land creating a true downtown in Lakewood. Since its designation, the LRA has helped bring a number of redevelopment projects to fruition. Projects in this area include Belmar, Home Depot, All-Star Park and Lakewood City Commons. Other than Belmar, none of these projects used tax increment financing.
The Colfax-Wadsworth Reinvestment District is an area once occupied by a Kmart. This high-traffic retail site sat vacant for 10 years due to challenges associated with fractured ownership and drainage issues. These challenges were overcome in 1999 when the site was designated as an urban renewal area. The project in this area is the Creekside Shopping Center.
West Colfax Avenue Corridor Reinvestment Area was adopted by City Council resolution in 2005. The area spans from Sheridan Boulevard to Simms Street, mainly following the commercial properties that front Colfax. The stretch also includes some areas near future light rail stations. The project in this area is the Station Betterment Project.