CREJ

Page 18

— Multifamily Properties Quarterly — February 2017

4582 South Ulster Street, Suite 1500

Denver, Colorado 80237

Kimley-Horn.com

303.228.2300

SERVICES

Land Development

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Multifamily

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Office/Campus

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Traffic

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Industrial

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2017

ENR RANKINGS

28 of Top 500 U.S. Design Firms

12 of Top 100 “Pure Design Firms”

10 for Transportation

13 for General Building

2 for Multi-unit Residential

2 for Retail

7 for Airports

9 for Highways

9 for Solar Power

12 for Water Treatment and Desalination

14 for Mass Transit and Rail

21 for Water Supply

FORTUNE

M A G A Z I N E ’ S

WE ARE

ONE OF

COMPANIES

TO WORK FOR

hen it comes to hous-

ing insecurity, the city

and county of Denver is

working harder than ever

to make our community

accessible and affordable for cur-

rent and future generations. From

investing in affordable multifamily

developments, promoting the inte-

gration of affordable units within

market-rate developments and

acquiring sites for future afford-

able build-out, the city is working

on many different levels to make

Denver an inclusive community

for all.

As a gap financier, the Denver

Office of Economic Development

supports the development and

preservation of income-restricted

units throughout the city. This is a

very busy time for OED’s housing

division. Just last year, nine of our

recently funded housing develop-

ments were completed, deliver-

ing 753 new affordable units and

an additional 147 units that were

rehabilitated and preserved. Our

pipeline is even more robust, with

15 OED-supported developments

under construction and slated to

provide 943 units across the entire

homeless to homeownership spec-

trum.

One of our most ambitious and

exciting strategies is to spur the

development of mixed-income,

for-sale housing along Denver’s

mass transit corridors. Last fall,

OED initiated a deal with Con-

fluence Cos., which is projected

to bring more than 300 units,

including apartments and condos,

to 41st Avenue and Inca Street,

across the pedes-

trian bridge from

the 41st Avenue

and Fox Street

commuter-rail sta-

tion. The city pro-

vided a $3 million

loan to support

the land acquisi-

tion, and construc-

tion is anticipated

to begin later this

year.

Together with

the Regional

Transportation

District, we’re

taking a similar

approach in Five Points. The RTD

Board of Directors recently granted

the city and county of Denver the

option to purchase a vacant park-

ing lot at 29th and Welton streets.

We’re currently designing a com-

petitive process to solicit develop-

ers to build a mixed-income condo

project on this site. The city is

positioned to assign its purchas-

ing option to a selected developer,

with the final purchase price

based on a fair-market appraisal

of the property. To help make

such a project pencil out, the OED

wil provide gap financing to the

selected developer.

It’s important to note that this is

much more than a one-time strat-

egy. We look forward to replicating

this model to propel the develop-

ment of similar homeownership

opportunities for hardworking resi-

dents at transit-oriented develop-

ment sites throughout the city.

Other highlights in our pipeline

include the Ash Street

Apartments. A project

of Koelbel and Co., Mile

High Development and

Long Peak Advisors, the

five-story building will

provide 112 units and

ensure affordability with-

in the redevelopment of

the former University of

Colorado Health Sciences

Center.

In Westwood, OED is

investing in three sepa-

rate projects. Westwood

Crossing, Grove Street

Apartments and Del

Corazon are being devel-

oped by McDermott Prop-

erties, Gorman & Co.,

and St. Charles Town Co,

respectively.

Fostering the develop-

ment of mixed-income communi-

ties – where low- and moderate-

income families live alongside

higher-income families paying

market-rate prices – is important

to building strong communi-

ties. Working with Palisade Part-

ners, we’re achieving this vision

through financing of both The

Wheatley Flats and The Lydian.

Together, these projects will pro-

vide 40 affordable units, without

the benefit of low-income housing

tax credits.

For our most vulnerable popula-

tions, we’re helping make the Col-

orado Coalition for the Homeless-

ness’ Renaissance Downtown Lofts

possible in Five Points. We’re also

supporting construction of the

Mental Health Center of Denver’s

Sanderson Apartments, which

will house 60 of Denver’s chroni-

cally homeless as part of the city’s

Social Impact Bond program.

These are just a few of our cur-

rent projects. More details on the

city’s affordable investments are

available at www.denvergov.org/ housing.

While our gap financing projects

are busier than ever, we look for-

ward to making an even greater

difference through the city’s new

Dedicated Fund for Affordable

Housing. The 10-year, $150 million

fund launched this new year and

provides the OED with the stron-

gest tool in its toolbox to advance

affordability for our residents, cre-

ate inclusive neighborhoods and

promote strong economic develop-

ment through a stable workforce.

Paul

Washington

Executive director,

Denver Office

of Economic

Development

Denver vows to keep affordable pipeline strong

Affordable Housing

Denver OED

Denver-supported affordable housing projects.