Denver, CO

Income-based apartments coming to Central Park in Denver

David Heitz

https://img.particlenews.com/image.php?url=0HA2c1_0cxixtzI00
Central Park III Apartments will be affordable for those meeting income guidelines.City of Denver

The Denver City Council invested $3.7 million Monday in two income-contingent housing apartment buildings to be built in the Central Park neighborhood.

Central Park II Apartments will be a 90-unit building at the corner of Central Park Boulevard and East Prairie Meadow Drive. There will be 18 one-bedroom units and 36 units each of two-bedroom and three-bedroom apartments.

The building will be ideal for families due to the larger units. Households can make 30 to 60 percent of the adjusted median income, or AMI, in Denver and qualify to live in the units. Thirty percent of AMI for one person is $22,100 annually. A single person at 60 percent AMI can make $44,016 and the head of household for a family of four could make up to $62,880.

According to a city staff report, the location is “within walking distance to employment centers, commercial services and retail, highly rated schools, healthy living amenities, and public transit.”

Covenant guarantees 60 years of income-based rent

A city covenant on the property will guarantee the building stays affordable for 60 years. “As with all of Northeast Denver Housing Center Inc.’s low-income housing tax credit developments in Central Park, (the organization) will provide an on-site case manager, in collaboration with service providers, to implement healthy living and wellness programs such as self-development education, educational youth programs, after-school tutoring, nutrition classes, healthy cooking, gardening classes, access to food banks, job training, resume development, mental health services and financial literacy classes,” according to the city staff report. “This project will be deeply affordable to a wide range of households with 87 percent of the units available to residents under 50 percent AMI.”

Construction on the $21 million building should be completed by January 2023. The city’s portion of the investment – about $1.7 million – will pay for costs associated with construction.

Central Park III Apartments near light rail

At the same time, Central Park III income-based apartments also will rise in Central Park at Central Park Boulevard and East 35th Avenue. This is a 127-unit development “in a transit-oriented development site just one block from the Central Park light rail station, new Sprouts grocery, employment centers, commercial services, and retail, highly rated schools, and healthy living amenities,” according to a city staff report. “Central Park III Apartments will provide a variety of apartments suitable for households of varying sizes including family and single households.”

Of the 127 units, 11 will be for 30 percent AMI, 18 for 40 percent AMI, 82 at 50 percent AMI and 16 at 60 percent AMI.

The city is investing $2 million into the $27 million project. “While the pandemic has brought several challenges to the development and construction industries, by working with the same design development team that has successfully completed three other projects together in Central Park and being the only non-profit that has a studio that specializes in architecture, urban planning, and construction management, Central Park II and Central Park III Apartments have been able to establish a solid synergy as a direct result of this cohesive team and developing both Central Park II and Central Park III Apartments simultaneously,” according to a city staff report.

“This design development team, made up of the architect, contractor, lender, and tax credit equity investor, has allowed these projects to move at a quicker pace, going from tax credit reservation to construction start in only seven to eight months.”

Comments / 8

Published by

I have been in the news business more than 30 years, spending much of my career at some of the best local newspapers in the country. Today, I report on Denver City Hall, homelessness and other topics for NewsBreak, much like I did in my twenties covering Newport Beach, Calif. for the Daily Pilot. I consider myself a lucky guy to still be doing what I love after so many years.

Denver, CO
6117 followers

More from David Heitz

Comments / 0