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Denver Union Station

Denver Union Station
Project Type: 
Public Transit
Sponsor / Borrower: 
Denver Union Station Project Authority (DUSPA)
Credit Agreement Status: 
Retired/Sold
TIFIA Assistance: 
$146 million
Primary Revenue Pledge: 
Real Estate Tax Increments
Project Cost Details: 

$518.6 million (of this total, $454.3 million represents TIFIA Eligible Project Costs).

Duration / Status: 

Substantial completion was achieved on July 1, 2014.

Fiscal Year Closed: 
FY2010
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.

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 (a joint venture called Union Station Neighborhood Corporation) will be the master developer for the transit-oriented development.
Project Advisors / 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(s): 
USDOT TIFIA
RRIF
TIFIA 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.

Project Contacts: 

Elbra Wedgeworth, President 
Denver Union Station Project Authority 
c/o Trammell Crow Company 
1225 17th Street, Suite 3050 
Denver, Colorado 80202 
(303) 628-7444 
elbra.wedgeworth@dhha.org

Bill Mosher, Owner's Representative 
Denver Union Station Project Authority 
c/o Trammell Crow Company 
1225 17th Street, Suite 3050 
Denver, Colorado 80202 
(303) 628-7444 
bmosher@trammellcrow.com

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