City leaders and developers gathered at the feet of a giant rhino sculpture on Thursday to celebrate the opening of the first phase of the Denargo Market redevelopment.
The project’s developer unveiled 4 acres of public spaces — which will eventually anchor a development with more than 1,000 rental units.
Of all the visitors, Joe McDanial probably had the shortest commute to the celebration. He walked over from a block away — not from any of the recently built apartment complexes, but from the city-owned, Salvation Army-operated homeless shelter known as Crossroads.
“I respect these people and I'm sure they don't like Crossroads,” he said of his new and future neighbors.
A Crossroads resident for six years, he has watched as the neighborhood around him has been transformed by new apartment blocks and businesses.
And more are expected, with the project expected to eventually bring thousands of new residents and visitors to the north side of the River North Art District.
Denargo Market is a 17-acre redevelopment project.
The first phase of construction, which just wrapped up, included only “horizontal” construction. It includes stormwater infrastructure, utilities, streets, sidewalks, and park spaces.
At the center of it is Rhingo the Rhino, a 30-foot-tall climbable sculpture.
“Being here with Rhingo is always going to be one of the most Instagrammable moments in the city,” Mayor Mike Johnston said.
There is also a riverside path for pedestrians and cyclists, as well as a new playground, which is home to potentially the tallest slide in the city, according to one of its architects.
“We were very intentional about providing a sense of place not only for people that lived here, but for downtown Denver for visitors, a place to show folks off when parents and friends came into town,” said Sean Campbell, the CEO of Formativ, one of Denargo Market’s co-developers.
So far, the developers have spent about $190 million on the project, which is named for a sprawling food market that stood in the area for decades.
What’s next for Denargo Market?
Next up comes a 16-story, 380-unit apartment complex, which is expected to break ground late this year.
Eventually, Denargo Market could include more than 1,000 rental units, retail, parks and playgrounds across 17 acres. Also in the plan is a 56-unit affordable housing community for young adults transitioning out of foster care.
The development also could include for-sale housing, but that hasn’t been decided yet, according to its website.
“This is a world-class city. This is a world-class development with a world-class team,” Campbell said.
Construction could continue over the next decade.
Meanwhile, more change could be coming near Crossroads. City officials in 2023 announced they wanted to develop the vacant land next to the shelter.
