Reinvestment Areas

Since inception in 1997, LRA has established three urban redevelopment districts. Within these designated districts, LRA has carried out multiple urban reinvestment projects that
have produced vibrant new places and spaces to enhance what makes Lakewood a great city.

West Alameda Avenue Corridor Redevelopment Area, located in central Lakewood, has been a major catalyst in the transformation that is bringing a true downtown to Lakewood for the first time in history. In 1998, much of the West Alameda Corridor including the site of the Lakewood City Center redevelopment project was designated as a redevelopment district. Since designation of the Corridor as a redevelopment area, LRA has been involved in bringing a number of redevelopment projects to fruition such as Home Depot, All-Star Park and Lakewood City Commons. None of these projects utilized tax increment financing.

The district was expanded in 2000 to include the site of the old Villa Italia Shopping Center. The 22-block Phase II site, now know as Belmar, is Lakewood's new downtown neighborhood. The first phase of Belmar redevelopment opened in May of 2004. At buildout, Belmar will include over 1 million square feet of retail development, 1300 residential units, and 700,000 square feet of office space as well as 2 parks, a plaza, a conference center and a full service hotel. In 2003, a majority of businesses in the WAACRA voted to form the Alameda Corridor Business Improvement District, which pools funds for improvements to the corridor.

The Colfax/Wadsworth Reinvestment District is located at the northeast corner of West Colfax Avenue (also known as the old US 40 Highway) and Wadsworth Boulevard. Once occupied by a Kmart, this high traffic retail site sat vacant for 10 years due to challenges associated with fractured ownership and drainage issues. Designation as an urban renewal area enabled gap financing to overcome these challenges, and now this site is being developed as Creekside Shopping Center. Creekside is home to a 220,000 square foot Super Wal-Mart and five pad sites including 37,000 square feet of in-line shops ranging from restaurants to smaller service retail stores.

West Colfax Avenue Corridor Reinvestment Area
On December 12, 2005, the Lakewood City Council voted to adopt a resolution designating a new reinvestment area along a portion of West Colfax Avenue in Lakewood. The area spans from Sheridan Boulevard to Simms Street, and mainly follows the commercial properties that front on to Colfax, but also includes some areas near to future light rail stations. In 2008, the LRA authorized a project within the area which allows for the funding of betterment design to two light rail stations; one at Wadsworth Boulevard and the other at Oak Street. 

Area designation allows for projects to be developed using urban renewal tools such a special financing mechanisms. The Reinvestment Plan for the area includes a list of objectives for the reinvestment area, against which all possible projects shall be considered. The plan also includes a section that provides guidelines for restricted used of eminent domain. The guidelines were developed with a citizen task force, in an effort add protections for private property owners while recognizing that eminent domain may be appropriate and necessary under some circumstances.