Century Development has broken ground on a 223-unit affordable housing project at 2300 Welton St. in Five Points.
Designed by
Humphries Poli Architects, the $43 million project is on two infill parcels spanning Welton Street from Park Avenue West to 24th Street and along Park Avenue from Welton to Glenarm Place. Rental units will range from studios to three bedrooms and will be available to households earning 60 percent or less of the area median income -- up to $43,200 for a family of three.
Denver's Office of Economic Development provided $1.1 million in financing to help support the land acquisition for the development. Other financing partners include the U.S. Department of Housing and Urban Development, Colorado Housing and Finance Authority, Colorado Division of Housing and the Denver Urban Renewal Authority.
"We're proud to invest housing resources in Five Points -- to make a down payment that ensures the affordability in this gateway to downtown for generations to come," says Denver Mayor Michael Hancock. "2300 Welton will offer incredible opportunities for working individuals and families to access jobs and prospects in central Denver, with transit connections throughout the metro area. These kinds of projects are key to ensuring this city remains accessible and affordable now and in the future."
The project is the latest affordable housing development created under Hancock's "3x5 challenge," which calls for the development, rehabilitation or preservation of 3,000 affordable housing units over five years. Since the challenge's inception in 2013, the city and real estate development community have produced 1,291 units.
Contact Confluence Denver Development News Editor Margaret Jackson with tips and leads for future stories at margaret@confluence-denver.com.
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