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Project Profile: Denver Union Station

Denver Union Station

photo credit: Colorado Tourism Office


Denver, Colorado

Project Sponsor / Borrower

Denver Union Station Project Authority (DUSPA)

Program Areas

Alternative Project DeliveryProject FinanceValue CaptureTIFIA


Intermodal - Transit/Multimodal Development


The Denver Union Station project 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 comprised 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 serves as a regional multimodal hub connecting commuter rail, light rail and bus rapid transit, regularly scheduled bus service, and other related transportation services, including:

  • 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 and improved street, replacement parking and utility infrastructure

DUSPA is a nonprofit, public benefit corporation formed by the City and County of Denver in July 2008 to finance and implement the project. Project elements have been transferred to the Regional Transportation District (RTD), which operates and maintains them as a complete transportation district.


$487.7 million (TIFIA eligible project costs - $454.3 million)

Funding Sources

TIFIA loan - $145.6 million

RRIF (Railroad Rehabilitation and Improvement Financing) 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) is 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 achieved on February 24, 2014.

TIFIA Credit Assistance

Direct Loan - $145.6 million

The TIFIA and RRIF loans are 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 was rated "A" by Fitch Ratings.

Financial Status

TIFIA credit agreement executed on July 23, 2010.

  • First time USDOT combined credit assistance from the TIFIA and RRIF programs.
Related Links / Articles

RTD FasTracks Website

BATIC Institute Webinar


Elbra Wedgeworth, President
Denver Union Station Project Authority
Tel: (303) 628-7444


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