From Pit to Potential: The Future of the Hynds and the Hole
The Hynds and the Hole are infamous among Cheyenne’s downtown community. Often compared to "the pit" in NBC’s Parks and Rec, these two properties have struggled to gain traction for decades.
In August 2025, the Cheyenne Governing Body approved a public-private partnership with Cheyenne LEADS as the fiscal agent for the Large Projects Gap Financing fund, utilizing 6th Penny tax funds. The pilot project for this partnership? Redeveloping the 40-year vacant Hynds Building and the 20-year vacant Hole. The big question: will this be the plan that finally sticks?
History of the Hynds and the Hole
In the heart of downtown Cheyenne, the Hynds Building and the adjacent vacant lot (lovingly known as “the Hole”) stand as silent witnesses to the city’s rich history and ongoing aspirations.
Constructed in 1922 by entrepreneur Harry P. Hynds and designed by architect William R. Dubois, the Hynds was one of the first fireproof buildings in the region, boasting a steel I-beam frame and concrete floors. For decades, it housed a variety of businesses that contributed to downtown Cheyenne’s economic and cultural vibrancy. But the building has been largely vacant since the 1980s, as businesses migrated to suburban centers and the 1985 flood caused considerable damage. Time has passed, building codes have changed, and development costs have soared. Numerous redevelopment plans throughout the years have continued to fall through.
Next to this landmark lies “the Hole,” a vacant lot that has remained undeveloped since a 2004 fire destroyed the building occupying the space. Despite proposals over the years (ranging from a children’s museum to a pocket park) the lot has sat dormant for decades (not counting the occasional couch).
The Hynds and the Hole Urban Renewal Plan
In 2022, encouraging the potential of these properties to spur economic growth and recognizing the need for additional development incentives, the City of Cheyenne Planning and Development Department and the Cheyenne Urban Renewal Authority initiated the Hynds and the Hole Urban Renewal Plan.
To qualify for an Urban Renewal Plan and Project, properties must be in an area designated as slum or blight. For an area to be designated as blight, several conditions must be present in the proposed urban renewal area and those can include deteriorating structures or infrastructure, inadequate parking, and environmental hazards (W.S. 15-9-103). The Hynds and the Hole Urban Renewal Plan proposed utilizing tax increment financing (TIF) to support efforts like improving infrastructure, public utilities, and façade and other public-facing improvements to help alleviate conditions of slum and blight in the urban renewal area.
The goal of urban renewal plans is to improve the community and keep it healthy, safe, and thriving. Revitalizing these places can boost the economy, support new housing, and make communities better for everyone. The Hynds and the Hole plan encompasses the entirety of the Hynds and Hole properties and adjacent rights-of-way along Lincolnway and Capitol Avenue.
TIF Explained
Urban Renewal provides communities with a financing tool: Tax Increment Financing (TIF). TIF can be complicated, so here’s a basic breakdown: Imagine downtown has an old, almost empty building that nobody wants to invest in because it can’t financially pan out. Let’s call it “the Hynds.” Because its assessed value is low, it doesn’t generate much property tax for the community.
Now, let’s say the City wants to help someone make it financially feasible. They say, “if you fix this building and make it nice, the extra tax revenue that’s generated from your improvements can go back to you to offset some of your costs.”
The City isn’t redirecting new money from anyone. They’re just saying, “the taxes this building didn’t used to pay (the extra taxes it now pays from being fixed) can be used to reimburse the developer for improvements that benefit the community for a certain time period.” Typically, this arrangement lasts for 20 years. After 20 years, the City begins to collect the full tax amount again. If the assistance from TIF didn’t happen, the building wouldn’t have been fixed and the tax growth over 20 years would be very little.
It’s like planting a seed: the City gives up some tax money now to plant the tree, and later the grown-up tree (or building) produces fruit (taxes) that help pay for the work and eventually plant more seeds throughout the community.
Blight designation does not mean devaluation, condemnation, or eminent domain. It simply opens up TIF and other tools to help property owners redevelop and increase property value.
LEADS and the Large Projects Gap Financing Fund
In August 2025, Mayor Patrick Collins announced a renewed effort to revitalize the Hynds Building and “the Hole.” The plan involves a public-private partnership facilitated by Cheyenne LEADS, leveraging funds from the Large Project Completion Fund approved by voters in 2021 via the 6th Penny Sales Tax.
Council authorized a Memorandum of Understanding (MOU) with LEADS to establish a Large Projects Gap Financing Program, funded with $3.5 million from voter-approved 6th Penny funds, specifically naming the Downtown Hole. The MOU is designed to leverage public-private partnerships and catalyze broader downtown reinvestment. LEADS will manage the fund, may invest equity, and work with other development partners.
Early discussions include potential plans for apartments, ground-floor retail or restaurants, and converting the Hynds into Class A office space. LEADS CEO Betsey Hale suggested this could become a vibrant downtown business park.
Is It Worth It?
In an era when tearing down historic structures for brand-new development is common, some might argue that the simplest solution is to just cut our losses and demolish the Hynds.
But the Hynds and the Hole represent more than just a redevelopment project. They embody Cheyenne’s commitment to preserving historic character while fostering economic growth. This architectural and historical masterpiece showcases innovative design, fireproof construction, and ornate craftsmanship. Despite decades of change, the Hynds remains a symbol of resilience, and the Hole a symbol of potential.
Preserving and revitalizing these sites ensures future generations will experience the Cheyenne of today and the investment this community made in its future.
What’s Next?
LEADS is actively talking with potential development partners to solidify plans. As LEADS —leads—the charge, Cheyenne watches with cautious optimism, hoping that the Hynds and the Hole will finally shed their reputation as the city’s downtown pit and become a symbol of renewed vitality.
The DDA will continue supporting the project in whatever ways are feasible, including grants for exterior improvements, community updates, and more, ensuring that this long-awaited redevelopment truly takes root.