Colorado Real Estate Journal -
Lakewood is full of possibilities! April 26 and 27, 2013, were incredible days for the City of Lakewood. After years of planning and construction, RTD and Lakewood celebrated the grand opening of the W Rail Line that connects the western suburbs of Golden and Lakewood to downtown Denver, and in a few more years, to Denver International Airport and the world. This public infrastructure will give local and global businesses new opportunities to access our community. To proactively prepare for the completion of the light rail, Lakewood, through extensive community engagement, staff planning and consultant studies, has undergone an expansive effort to create a framework for future redevelopment around the light rail stations in the city. Coinciding with a rewrite of Lakewood’s entire zoning code, almost 1,000 acres around five of the seven stations were rezoned to accommodate transit-oriented development, with a focus on encouraging pedestrian friendly, mixed-use design with the intent of creating thriving sustainable urban villages. The updated ordinance allows the City to address the arrival of light rail, new technologies and changes in the marketplace and in business practices while maintaining the unique character of Lakewood’s neighborhoods. Before the newly approved ordinance, the Zoning Ordinance had not been fully updated for 30 years. Additionally, in 2013, a business improvement district was formed along West Colfax Avenue to further the efforts to create and sustain a renewed identity for the West Colfax corridor that parallels the light rail. It will serve as a catalyst for economic activity for development and business growth in Lakewood. Goals of the B.I.D. include marketing awareness programs, contributing to aesthetic improvements and beautification programs, developing cultural programs such as the newly formed 40 West Arts District, which capitalizes on the nearby vibrant Rocky Mountain College of Art + Design, and leveraging Colfax’s cohesive voice to bring a focus back to Colfax. Lakewood is working on prospects for the redevelopment of 60 acres just north of the Federal Center Station near the bustling St. Anthony Medical Campus. Large vacant infill sites within walking distance to a light rail station, with two nearby major employment centers (the Federal Center and St. Anthony Medical Campus) are rare. The site is drawing national and international interest. Lakewood hopes to put out a request for proposal this year to engage a master developer. Imagine the possibilities! The $700 million West Line investment by RTD inspired Lakewood to supplement funds to improve rider comfort and safety. Lakewood has invested approximately $6 million in improvements to the stations. These funds have gone toward improved “last mile connections,” seating, bike racks, public art, pedestrian crossings, and beautification projects. It has also included architectural betterments to the station canopies at Wadsworth and Oak stations, additional windscreens, and improved lighting and security. Rider comfort leads to increased ridership and station vibrancy, ultimately attracting future development. As a result, Lakewood is already seeing considerable reinvestment. Dynamic companies and three of Lakewood’s largest employers, St. Anthony Medical Campus, the Federal Center, and Terumo BCT, are already on or near a light-rail station. Weston Solutions has relocated its Lakewood offices to Colfax and Garrison Street near the Garrison Station, where the company is redeveloping a 4.5-acre former car dealership brownfield site into a high density, sustainable, LEEDcertified three-building project. Six multifamily projects near the light rail are either under review or under construction. At the Lamar Station, for example, a new development by Metro West Housing Solutions is scheduled to open in January 2014. It will house 110 apartment units, including live/work units. It's designed to attract young professionals, families, older adults or those contributing to Lakewood’s 40 West Arts District. The apartments will be energy efficient LEED certified and available to a variety of income levels. The development and relocation possibilities are endless. Lakewood’s employment base, transportation infrastructure, beautification programs and entitlements are in place for transit-oriented development. Lakewood’s on track, so get on board!