The Denver City Council voted Monday to loan $8.3 million to a developer who plans to build a large affordable housing community at the intersection of 38th and Holly.
At buildout, the $93 million project by Delwest will feature eight three-story buildings, according to a presentation by city staff for the City Council. There will be 84 one-bedroom units, 104 two-bedroom units, 36 three-bedroom units and 29 four-bedroom units. The four-bedroom units will be three stories with attached garages, according to the presentation.
A City Council committee approved the development earlier this month. The site is on the 34 bus line and also near the 30th and Downing and Central Park light rail stations.
Of the amount loaned, about $6 million came from American Rescue Plan Act funds. The rest comes from the Home Investment Partnership Program.
Units for those between 30 and 80 percent AMI
“Affordable” means renters can make between 30 and 80 percent of the average median income, or AMI, to qualify for the units. Fifteen percent of the units will be reserved for those making 30 percent of AMI, or about $24,000 annually, according to the presentation. One-quarter of the units will target those at 50 percent AMI, or about $41,000 per year.
The development will boast several modern features, according to the staff presentation. Buildings will be energy efficient. Ten percent of the parking spaces will be electronic vehicle ready. There will also be at least 50 bicycle parking spaces.
The buildings will consist of wood framing with brick, stucco, and siding exterior finishes, according to the staff presentation. The buildings will have exterior and interior hallway doors.
Units will feature market-rate finishes, including granite-hard surfaces, kitchen islands, LED lighting, Energy Star appliances, ceiling fans, dishwashers, garbage disposals, microwaves, central air conditioning, in-unit clothes washers and dryers, window coverings, smart locks, and secure building access.
Additionally, the development will boast an “enhanced community center,” according to the presentation, with high-speed wi-fi, fitness room, computer, and printer access. There will even be individual case worker/non-profit partner offices, and multi-purpose flex spaces for child learning pods and adult education classes.
Opening winter 2025
The grounds would feature play areas, a dog run, and picnic area. The site is located at 5908 and 5909 E. 38th Ave.
An investigation initially found petroleum on the site, but a follow-up assessment declared the site ready for construction. “Based on field observations, photoionization detector readings, and soil sample analytical results, the sump/sand trap area west of the maintenance building has not been impacted by chlorinated volatile organic
compounds,” city staff wrote in a memo to council. “All (concerns) have been addressed and closed to the satisfaction of the regulatory agency.”
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