City of Englewood, Colorado
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The City of Englewood has announced that SKB and Tryba Architects have withdrawn from the CityCenter redevelopment project, and the city is working with its development partner, the Englewood Downtown Development Authority, to pursue new opportunities with other developers. It is not uncommon for a city to negotiate with more than one developer on a complex public/private partnership project before identifying the best fit for both parties.
“Downtown Englewood is experiencing a renaissance with hundreds of new residential units under construction and new businesses popping up throughout the district,” said City Manager Shawn Lewis. “We will use this opportunity to better define the community’s vision for CityCenter in order to create jobs, attract new residents, and enhance cultural attractions that everyone can enjoy.”
Initial plans for the $600 million joint venture located immediately adjacent to Englewood’s light rail station included 1,070 residential units, retail and office space, a new city hall, a hotel and public gathering spaces.
In withdrawing from the joint venture, SKB/Tryba cited uncertainty about escalating construction costs, rising interest rates and bonding costs, and concern regarding the cost of investment capital and construction debt.
The city and SKB/Tryba had been in discussion about the redevelopment project for the last few years, including throughout the COVID pandemic. During those years, the community formed the Englewood Downtown Development Authority, authorized up to $70 million in tax increment financing for this and other downtown projects, rezoned the area for higher density and worked with SKB/Tryba to lay out initial development plans at one of the largest redevelopment sites along the Regional Transportation District’s D Line.
Englewood City Council has requested a joint session in January with the Englewood Downtown Development Authority to plan next steps and better define the community’s shared vision for the area.
Community Development Director Brad Power said that although SKB/Tryba Architects’ decision to withdraw from the project was disappointing, it will “create a timely reset opportunity” that will allow the Englewood residents, city council, the EDDA Board and other stakeholders to provide additional input into the future of the area.