Colorado Real Estate Journal - September 21, 2016
Denver officials joined public and private sector partners recently to cut the ceremonial ribbon commemorating the opening of the Garden Court at Yale Station, Denver’s newest affordable housing development. Located at 5151 E. Yale Circle, the project features 66 income-restricted units for low- and moderate-income households. Developed by Koelbel and Co. and Mile High Development, the $14.7 million project is located steps away from light rail at Yale Station. Finance partners include the Colorado Housing and Finance Authority and the Denver Transit Oriented Development Fund, which helped the Urban Land Conservancy to acquire the property several years ago and thus preserve the key site for affordable housing. “We’re proud to see people enjoying the benefits of affordable housing at our transit stations and the access to mobility choices that come along with it,” Denver Mayor Michael B. Hancock said. “Through projects like this, the Denver TOD Fund is helping connect hard-working residents to their housing, jobs and more through our transit system.” The four-story building includes one-, two- and three-bedroom units for households earning up to 60 percent of the area median income (up to $33,660 for a one-person household). Building amenities include patios/balconies, 9-foot ceilings, a fitness center, bike storage and a courtyard with barbecue grills. Construction was completed in compliance with the Enterprise Green Communities Criteria, which promote energy efficiency and environmentally sustainable building practices. Garden Court at Yale Station is the latest development to be created under the mayor’s “3x5 challenge.” The city and the real estate development community have produced 1,899 units thus far, and an additional 1,039 units currently are under construction.