Gart told the Denver Post Tuesday that he worked with business and community leaders to create a new racing series based in Denver and Richmond, Virginia.
The four-day races will include national musical acts, a festival, athlete interaction and other events in both states.
Gart is the chairman of the new RPM Events Group. He said in a statement that he has assembled a group of community-minded investors and a strong leadership team to "broaden the enthusiasm for cycling."
The week-long Pro Challenge attracted top cyclists from across the world but had difficulty financing the six-day race.