Redevelopment is coming for a former industrial site in the Cole neighborhood of Denver after the City Council this week approved a tax incentive for the blighted area.

The former Denver Rock Drill Manufacturing Co. facility , a nearly 7-acre property about two miles northeast of downtown, was used to produce mining rock drills throughout much of the 20th century and has sat mostly vacant for more than a decade.

With the new approvals granted by the council on Monday, OliverBuchananGroup will build a mixed-use development there , with plans that include the preservation of some of the historic buildings. New zoning and city height incentives will allow buildings to rise as high as 22 stories on some parts of the site.

“We think this will be an anchor to the Cole neighborhood that th

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