So long, Ferris wheel. Hello River Mile.

With property values skyrocketing in central Denver, the owner of Elitch Gardens amusement park has announced that its thrill rides will eventually give way to high rises and associated amenities in a new neighborhood dubbed River Mile.

Denver-based Revesco Properties owns the 62-acre site where Elitch’s Ferris wheel has enhanced the Denver skyline for 24 years. Starting as soon as 2020, according to the Denver Business Journal, groundbreaking could occur for the new development.

The first phase of the project, notes the Journal, will be to transform a surface parking lot at the Pepsi Center into a centralized parking garage. Revesco aims to offer 8,000 residential units “and will feature some of the tallest buildings along the South Platte River,” reports the Denver Post. Of these units, 15% will be designated as affordable housing.

The area will also feature parks and open space, as well as office space and retail.

“[The plan] truly encapsulates all we’ve talked about with smart growth,” Revesco president and CEO Rhys Duggan told the Journal, noting that there will be maximum limits on automobile parking to discourage traffic.

The construction of River Mile will occur in phases and may take between 20 and 25 years to complete.

Meanwhile, Ferris wheel fans can rest easy. Duggan told Denver City Council members that the park’s removal is “many years” away.

REMAX of Cherry Creek

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