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United States Department of Transportation United States Department of Transportation

Denver Union Station

Denver Union Station
Project Type
Public Transit
Financing Type
TIFIA
Status
Credit Agreement Executed
Sponsor/Borrower
Denver Union Station Project Authority (DUSPA)
Project Description

The project is a public-private partnership (P3) development venture located on approximately 50 acres in lower downtown Denver, Colorado, which includes the historic Denver Union Station building (excluding renovation of the building itself), rail lines, vacant parcels, street rights-of-way, and offsite trackage rights. The project comprises the redevelopment of the site as an intermodal transit district surrounded by transit-oriented development, including a mix of residential, retail, and office space. The transit district will serve as a regional multimodal hub connecting commuter rail, light rail and bus rapid transit, regularly scheduled bus service, and others including:

  • Construction of light rail and commuter rail stations
  • A regional bus facility
  • Extension of the 16th Street Mall and the Shuttle service
  • Accommodation of the Downtown Circulator service
  • Pedestrian improvements as well as improved street, replacement parking and utility infrastructure.

DUSPA is a nonprofit, public benefit corporation formed by the City of Denver in July 2008 to finance and implement the Project. As project elements are completed, they will be transferred to the Regional Transportation District (RTD), which will maintain each such element of the Project. Once Substantial Completion occurs, RTD will provide for the operation and maintenance of the Project as a complete transportation district.

Denver Union Station acts as a hub for all of Metro Denver’s mass transit. The facility includes transportation options offered by the RTD, the Colorado Department of Transportation, and Amtrak, and it connects intercity transit options to the Denver International Airport.  According to DUSPA, the centralized facility facilitates ridership, eliminating vehicle traffic and its accompanying emissions. Since the project’s completion, the project area has added over 200 stories of office, retail, residential, and hotel space. The project will continue to promote livability and provide environmental, social, and economic benefits to the Denver region as it adds commuter rail and an expanded bus facility in 2016, bolstering the mentioned benefits.

Project Details
TIFIA Assistance
$146.00M
Primary Revenue Pledge
Real Estate Tax Increments
Project Cost
$518.60M
Fiscal Year Closed
FY2010
Duration/Status
Substantial completion was achieved on July 1, 2014.
Funding Sources
TIFIA Loan: $145.6M
RRIF (Railroad Rehabilitation & Improvement Financing) Loan: $155M
FHWA Grant: $45.3M
FTA Grant: $9.5M
RRA Stimulus Grant: $28.4M
RTD Contribution: $40M
Other State and Local Funds: $19.9M
Land Sales: $17.4M
Revenues during construction $57.5M
Project Delivery/Contract Method
Design-Build
Project Participants
Design-builder (Kiewit Western Company), Regional Transportation District, City and County of Denver, Colorado Department of Transportation, Denver Regional Council of Governments, Continuum and East-West Development Corporation
Project Advisers/Consultants
Alex Brown Consulting - Financial Advisor

Public Resources Advisory Group - Financial Advisor

Hogan Lovells US LLP - DUSPA Co-Counsel

Bookhardt & O'Toole - DUSPA Co-Counsel

To USDOT TIFIA JPO:

TIFIA Legal Advisor: Nixon Peabody LLP
TIFIA Financial Advisor: Scully Capital
Project Lender
USDOT TIFIA, RRIF
Credit Assistance Detail
Direct loan: $145.6 million.  The TIFIA and RRIF loans will be secured by liens on pledged revenues (annual payment from RTD to DUSPA and real estate development-related income generated by DUSPA). The RTD payment is funded from the 0.4 percent FasTracks sales and use tax. The TIFIA loan has a senior lien on pledged revenues, while the RRIF loan has a subordinate lien.
Financial Status
The TIFIA credit agreement was executed in July 2010. Interest payments began in December 2010, and principal payments began in December 2015. On February 3, 2017, the Denver Union Station Project Authority repaid its $145.6 million TIFIA loan.
Innovations
This is a unique financing structure and the first time DOT has combined credit assistance from the TIFIA and RRIF programs.
Application Details
Applicant
Denver Union Station Project Authority (DUSPA)
LOI Fiscal Year Received
FY2009
LOI Received Date
Application Received Fiscal Year
FY2010
Application Received Date
Estimated Project Cost
$499.00M
TIFIA Request
$146.00M
Instrument Type
Direct Loan