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Project Profiles

Denver Union Station


Denver, Colorado

Project Sponsor / Borrower

Denver Union Station Project Authority (DUSPA)

Program Areas

Project FinanceP3TIFIANon-Road Pricing Revenue

Fiscal Year Approved

Fiscal Year 2010


Intermodal - Transit/Multimodal Development


The Project, which will promote livability and provide environmental, social and economic benefits to the Denver region, is a public-private development venture located on approximately 50 acres in lower downtown Denver, 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 Project 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 other related transportation services, 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.

Cost 1

$487.7 million

Funding Sources

TIFIA loan - $145.6 million

RRIF 2 loan - $155.0 million

FHWA Grant - $45.3 million

FTA Grant - $9.5 million

ARRA Stimulus Grant - $28.4 million

Homeland Security - $353 thousand

RTD contribution - $65.1 million

Other state and local funds - $19.9 million

Land sales - $18.4 million

Project Delivery / Contract Method


Private Partner

Design-builder (Kiewit Western Company)

Project Partners

The DUSPA partnership includes:

  • 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


  • TIFIA Legal Advisor: Nixon Peabody LLP
  • TIFIA Financial Advisor: Scully Capital



Duration / Status

Substantial completion was achieved on February 24, 2014.

TIFIA Credit Assistance

Direct loan: $145.6 million
The TIFIA and RRIF loans will be secured by liens on pledged revenues, which consist of an annual payment of $12 million from RTD to DUSPA and real estate development-related income generated by the DUSPA project area, including tax increment revenues, a levy on property tax revenues, and lodger's tax revenue. The RTD payment is funded from the 0.4 percent FasTracks sales and use tax approved by voters in 2004.

The TIFIA loan has a senior lien on pledged revenues, while the RRIF loan has a subordinate lien. TIFIA debt service repayment has been structured so that it will not exceed RTD's annual payment to the Borrower. The TIFIA loan has been rated "A" by Fitch Ratings.

Financial Status / Financial Performance

TIFIA credit agreement was executed on July 23, 2010


This is a unique financing structure and the first time DOT has combined credit assistance from the TIFIA and RRIF programs.

Related Links / Articles

RTD FasTracks Website


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

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

1 Of this total, $454.3 represents TIFIA Eligible Project Costs.
2 Railroad Rehabilitation & Improvement Financing


Federal Highway Administration | 1200 New Jersey Avenue, SE | Washington, DC 20590 | 202-366-4000
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