Federal Stimulus Funds Connect A Denver Housing Project

Posted by: Chris Palmeri on October 8, 2009

Stapleton #2.JPG

A lot of people, including Republican lawmakers who want to give the President grief, are asking, where exactly is that $787 billion passed in February through the American Recovery and Reinvestment Act? Here’s the City of Denver’s answer.

The city, the State of Colorado and developer Forest City Enterprises recently jointed forces to build a new highway interchange for I-70 that will serve the master planned of community of Stapleton, which Forest City is developing.

Denver was one of the first cities whose stimulus projects were approved. Non-Denver readers may remember Stapleton as the site of the city’s old airport. The project isn’t expected to be completed until 2013, illustrating that while the stimulus funds have arguably been slow to start, they’re likely to continue to create jobs for years to come.

The complicated financing of the project—which will involve three bridges, 3,600 cubic yards of concrete and 890,000 pounds of reinforced steel—also shows why it seems like it’s taking a while for the federal funds to trickle down into real life local projects.

Of the $70 million overall price tag only $12 million is actually coming from the big stimulus bill. The largest share, $30 million, is coming from city and state sources. Another $9 million is being paid by traditional federal highway funds and $19 million is being kicked in by the developer.

Reader Comments

Janney

October 9, 2009 1:22 AM

Now is not the time to blame anybody. The people concerned knows a lot than the people who continue to whine. Live beyond our comfort zones as this would surely help. Thanks for sharing this news recap. By the way, I know a real estate coach who could also help many in the real estate industry make money despite the current crisis.

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About

BusinessWeek editors Chris Palmeri, Prashant Gopal and Peter Coy chronicle the highs and lows of the housing and mortgage markets on their Hot Property blog. In print and online, the Hot Property team first wrote about the potential downside of lenders pushing riskier, "option ARM" mortgages and the rise in mortgage fraud back in 2005—well ahead of many other media outlets. In 2008, Hot Property bloggers finished #1 in a ranking of the world's top 100 "most powerful property people" by the British real estate website Global edge. Hot Property was named among the 25 most influential real estate blogs of 2007 by Inman News.

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