Denver residents, property owners and businesses are getting their say in how to spend the $570M voters approved in November to revitalize downtown.

Applications officially opened Thursday for “major projects that will redefine the downtown experience,” attracting new businesses, tourists and more residents, the Denver Downtown Development Authority said in a press release.

About 2,500 voters who reside, own property or lease commercial space near Union Station were asked to approve the extension of the DDDA’s tax increment financing, which doesn't raise taxes and is capped at $847M, including interest.

The initiative won with 81% of the vote.

About 70 registration of interest forms were submitted to the city since Denver opened early applications on Feb. 3, the DDDA said.

Approximately 80% of those ROIs were for redevelopment or adaptive reuse, city representatives told Bisnow in an email. That means 32 such projects could qualify for funding.

“Property owners represent roughly half of all the ROIs we have received,” Nick Marion, a marketing and communications specialist for Denver, said in the email.

Office-to-apartment conversions in Denver rose 55% in 2024, reaching about 900 units, according to RentCafe. Nearly 1,400 are expected to be delivered this year.

Downtown Denver’s office market is struggling, with a 30% availability rate in the fourth quarter, Savills said in its year-end office analysis. That has heightened the demand for these renovations.

The DDDA’s board of directors, along with Denver City Council, approved a development plan in December. In addition to office-to-residential conversions, the plan outlines other funding priorities, including increasing livability and job opportunities, enhancing parks and open spaces, supporting arts, culture and activation efforts, and improving mobility and connectivity.

The remaining 20% of early ROIs were focused on activation, arts, culture, business incentives and infrastructure, according to the release and Marion.

“This is Denver’s chance to craft the future of our city’s center,” Mayor Mike Johnston said in the statement. “Every business, community group, and artist who wants to play a leading role in the revitalization of our vibrant and great downtown should be taking part in this initiative.”

Denver will hold two one-hour public sessions so the stakeholders can learn more about eligibility and guidelines before submitting applications. The first is an in-person event at 4 p.m. March 13 at the Wellington E. Webb Building. The second is a virtual meeting at noon on March 18.