Globeville in Denver
Right now, Globeville is one of the most depressed areas of city. Home values are way below average prices for Denver. But, that is less important because the percentage of home ownership is also way below average for Denver neighborhoods. Most of the 5000 or so residents rent. Also, there is no meaningful retail or shopping except the occasional corner store. Many residents qualify as “disadvantaged” with some of the lowest education and income in the Denver metro area.
Globeville is also home to some commercial real estate. Mostly warehouse and industrial space. It also has the unique disadvantage of being divided by the intersection of two interstate highways, I-25 and I-70. That’s right. It sits right below the elevated interchange that’s long been called “The Mousetrap”. Effectively, that divides the neighborhood into 4 quadrants separated by Interstate Highways. It’s not easy to get and forth between different sections of the neighborhood.
Developers Now Working on Fox Park
Who could possibly have plans to redevelop in this neighborhood? Enter the unlikely partnership of Pure Development from Indianapolis and Interland from Mexico City. Together, they hope to develop 41 acres for Fox Park in Globeville. That will be a “mixed-use”, planned urban community anchored by the Denver World Trade Center. That would that include residential apartments, homes or town-homes as part of a final plan.
The ambitious project will connect offices, retail, a boutique hotel and homes with a manicured park complete with vegetable garden. The plan is to revitalize Globeville as an urban center.
Will Other Neighborhoods of Globeville Benefit?
How will this effect the neighborhood around Fox Park? Will the immediate neighborhood around Fox Park benefit from the spill-over of this redevelopment also? That question remains to be answered. Other urban pioneer neighborhoods enjoyed some sill-over from redevelopment projects like RiNo and Highlands West. But, other disadvantaged Denver neighborhoods remained static after nearby redevelopment. I’m think about Central Park and Lowry which still have economically depressed neighborhoods contiguous to the redevelopment.
Finally, there is the question of “Gentrification“. That is what happens when more affluent residents move into a neighborhood which has historically been less expensive. Sometimes, local residents object to redevelopment encroaching on older neighborhoods. Globeville certainly is older. Most homes here are nearly 100 years old. Will local residents oppose or embrace redevelopment of Fox Park? Will various political groups support or oppose the project.
Can Fox Park revitalize Globeville?
Ultimately, viability and scope of this project might ultimately be dependent upon expanding development partnerships. Because, the developers have said that they are seeking more local partnerships with local developers.
Tyler Morris, Principle of Development for Pure, recently said: “It’s not a mutually exclusive thing where we’re coming in and we’re solely focused on taking over the market, by any means. There are so many other great companies here, and so many great thought leaders, that I think we would be silly not to take advantage of that melting pot of ideas and idea-sharing, and the benefit of working with one another.”
So, the jury is out. Will Globeville become a mecca for urban pioneers or even just the development of multi-use business park? Time will tell.