By Margaret Jackson / NewsBreak Denver
(Denver, Colo.) Developers of the High-Iron 40 multifamily project in the Elyria-Swansea neighborhood are seeking a one-story height increase that will bring 20% more affordable units to the area.
Iselo 40th Avenue LLC and LDG Development are building 900 apartment units — 10% of which will serve residents earning 60% of the area median income.
The project, at 2535 E. 40th Ave., includes a public park and playground as part of the two acres of public open space agreed to in the site development concept plan. It also will have a 2,000-square-foot community center and plaza designed for the public to enjoy music and other arts-related events and festivities.
Iselo acquired the property in 2018 and worked with the Denver Community Planning and Development to rezone it from industrial to mixed use, which the City Council approved in May 2019.
As was the case with many development projects, the onset of COVID-19 delayed plans to move forward until 2021 when Iselo started interior demolition and asbestos remediation.
The dramatic increase in construction costs and a rapidly changing financing environment caused Iselo to rethink its strategy and seek a partner for the overall development resulting in its partnership with LDG, one of the nation’s largest developers of affordable housing.