"This is a great project. We're glad to be able to help," DURAchairman Tom Stokes told developer Rick Wells of CPS Investmentsafter the approval of the tax increment financing. CPS is preparingthe land, one of the larger infill sites in Denver (outside ofStapleton and Lowry), and will sell it to other groups. The land isbordered by Fillmore Street, the alley between Milwaukee and St.Paul streets, East 27th Avenue and mid-block between East Colfaxand 16th avenues.

Mercy Hospital, a 144-ft tall hospital that was first built in1933, has been vacant since 2000. CPS will demolish the building.The DURA financing will help remove asbestos from the building, aswell as help pay for some infrastructure costs and environmentalremedial work, such as removing underground tanks and contaminatedsoil, if there is any.

Next week, Allied Realty Services is scheduled to buy the3.3-acre, L-shaped hospital block from CPS, where Allied plans todevelop 240 luxury apartment units called "Retreat At the Park."Lauren Brockman, who heads Allied's Denver office, tellsGlobeSt.com he thinks the timing will be perfect for the community,as it won't be coming on line for 18 months to 24 months. "And it'snot too big," Brockman tells GlobeSt.com. "It's only 240 units.It's not like it's a 400-unit development."