Reinvestment Areas and Projects

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

Difference between a reinvestment area and a redevelopment project: A reinvestment area is an area within which the LRA's redevelopment tools may be used for a redevelopment project(s). An area may encompass just a few acres or a large area such as an urban corridor or downtown area. A redevelopment project typically occurs when the LRA partners with the private sector for redevelopment of a specific location within a reinvestment area. If the area is small, a project may cover the entire area, such as at the Creekside Shopping Center redevelopment project, located in the Colfax-Wadsworth Reinvestment Area. A project area may be smaller than the area, such as the Belmar redevelopment project that is located in the West Alameda Avenue Corridor Redevelopment Area.

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

Project
Belmar, located at the southeast corner of Wadsworth Boulevard and West Alameda Avenue, is a 22-block, mixed-use, redevelopment of the former Villa Italia mall site that includes residential, office, retail, plazas, open space, and structure parking. Retailers include Dick’s Sporting Goods, Whole Foods, Target, Nordstrom Rack, Best Buy and many more national and local retailers.

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 in 1999 enabled gap financing to overcome these challenges.

Project
Creekside Shopping Center is home to a 220,000 square foot Super Walmart and five pad sites with 37,000 square feet of in-line retail shops providing neighborhood retail and services.

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.

Project
In 2008, the LRA authorized the Station Betterment Project within the area which allows for the funding of betterments, or upgrades, to two light rail stations; one at Wadsworth Boulevard and the other at Oak Street along the new West Corridor Light Rail line.