Mass Exodus of Businesses Plagues Iconic Tourist Destinations
Downtown Denver's once bustling streets and iconic destinations are facing an uncertain future as businesses continue to flee the area amid ongoing construction and low foot traffic.
Larimer Square and the 16th Street Mall, two of the city's top tourist attractions, are struggling to revamp their image after being hit hard by the pandemic and facing the wrath of a private equity firm.
Since December 2020, North Carolina-based Asana Partners has been the proud owner of Larimer Square, pouring millions of dollars into restoring the historic shopping and dining district. However, this flashy facade comes at a cost, as numerous established tenants have been pushed out due to intensive construction. Others have left on their own accord, citing tension with their new landlord over a lack of communication and transparency about the ongoing development.
Robb Horen, a small business owner on Larimer Square since 2006, shared his frustration with Denver news media, saying he has "zero information" about Asana's plans for the block. Under previous ownership, Horen had direct access to the owners and management, but now he is left in the dark as he mails his rent check.
Just last week, Asana declined an interview with Axios Denver, only providing a vague statement claiming to have worked with community stakeholders and promising the addition of local businesses later this year. But for the current tenants who have been forced out or struggling to survive, these words are little comfort.
Just two blocks away, the 16th Street Mall is also facing its own set of challenges. The expansive infrastructure overhaul has fallen behind schedule, with a completion date now pushed to the fall of 2025. According to the Denver Post, much of the delays can be attributed to unforeseen complications related to an active brick-lined storm sewer running under the mall.
These delays have had a major impact on the businesses along the mall, many of which are struggling to stay afloat.
In response, Mayor Mike Johnston has pledged roughly $60 million in his 2024 budget for downtown revitalization efforts, including direct support for affected businesses. He has also announced a $350,000 grant program aimed at bringing in special events to attract more visitors.
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But for many small business owners, these efforts may be too little, too late.
With the mass exodus of businesses from Denver's downtown, the city is facing a crisis that needs urgent attention. The future of these once thriving tourist destinations hangs in the balance. Critics say that it’s time for city leaders to reevaluate their priorities and focus on supporting the businesses and people who make Denver the vibrant and beloved city that it is.