AFFORDABLE RENTALS RISING By J. Patrick O’Leary A two-building, 223-unit apartment complex is rising from a vacant gravel lot along Welton between Park Avenue West and 24th Street, promising to provide affordable “workforce housing” in Five Points. Eleven years of land acquisition, finance and planning culminated in a June 1 groundbreaking event for the infill development, attended by Mayor Michael Hancock. The $43-million project is being driven by Century Development, with financing from several public and private sources, including the Denver Office of Economic Development, according to a city press release. 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).
Final plans were filed with the city in late November 2014, showing a four-story, 195-unit building on 2300 Welton and a three-story, 28unit building on 501 Park Avenue. The 1.11-acre Welton parcel is zoned CMX-8, allowing commercial, mixed-used projects up to eight stories (110 feet), although the finished building will rise just over 51 feet. The three-story building on the .19-acre Park Avenue parcel will rise 40 feet, the maximum allowed under GMU-3, U0-3 zoning. A total of 205 parking spaces will be provided, 36 more than required by zoning, and 92 enclosed bike parking spaces. Brent Snyder, manager of 2300 Welton LLC, said the project began in 2004 with the gathering together of 17 parcels of land on an entire city block, which required 10 separate contracts.
Renderings of the future development at 2300 Welton. Courtesy of Humphries-Poli Architects.
FIVE POINTS FOOD, JAZZ & WINE CELEBRATION
By Denny Taylor On Wednesday, October 21st from 5:30 pm-8:30 pm, Five Points is celebrating the sophisticated history and dazzling future of the up and coming Welton Corridor, more appropriately dubbed the Five Points Neighborhood, one of Denver’s oldest and most storied areas. The free event sponsored by the Inter-Neighborhood Cooperation will be held at the renowned Redline Gallery at 2350 Arapahoe. To begin with, the Redline is easily one of the best art and community spaces in Denver. The building is an absolutely beautiful contemporary space inside and out. And the outdoor courtyard is so inviting, especially during the evening when the lights are on and the music is playing. So come on out and
“The city – the Office of Economic Development (OED) – encouraged us to assemble the land because no one else was able to do it,” Snyder recalled. “The first closings were in 2006. Originally it was a market-rate, for-sale product, but the market collapsed, and then we couldn’t do anything for a few years.” When market conditions improved, Snyder said market-rate development was not feasible, but eventually capital was available for affordable housing. The OED provided $1.1 million in financing to help support land acquisition for the development, according to the city. Funds originated from the city’s Inclusionary Housing Ordinance special revenue fund. 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. As more time passed, market-rate projects became feasible, Snyder said, explaining the nearby market-rate developments underway. “We were able to fill a niche,” a current city- and state-wide shortage of affordable for-rent and forsale housing, he said. The development represents the latest affordable units to be created under the Mayor’s “3x5 challenge,” according to the city. Announced in mid-2013, the challenge calls for the development, rehabilitation or preservation of 3,000 affordable housing units over five years. The city and the real estate development community have produced 1,291 units thus far. “We’re proud to invest housing resources in Five Points – to make a down payment that ensures affordability in this gateway to downtown for generations to come,” Mayor Hancock said at the groundbreaking ceremony. “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 that this city remains accessible and affordable now and in the future.” Snyder said he expects construction to be complete next October.
listen to the smooth jazz from local band favorite, Latitude Experience, and indulge in artful culinary delights from the Weldon Corridor’s finest restaurants. Known for their versatility of Jazz Fusion mixed with Straight-ahead and Neo-soul styles, Latitude offers fresh sax and silky vocals rounded out with an edgy rhythm section that leaves you wanting more. Connect with the fun by joining the swinging jazz dancers, then elucidate on the fine arts exhibits from historic Five Point’s artists Jess E. Dubois and Randy McAnulty. Come and enjoy a special evening filled with food, wine and good music. And it’s free! What more could you ask for?