This afternoon a ground breaking ceremony was held for the 2300 Welton residential project in Denver’s Five Points neighborhood. Members of the development team, Denver Mayor Michael Hancock and City Councilman Albus Brooks were on hand for the ceremony. Two structures will be built on the site where a total of 223 units will be housed. This project was designed by Denver-based Humphries Poli Architects and Century Development is the developer.
“Residents will be living in one of the great historic neighborhoods of this city, and I am excited,” proclaimed Mayor Hancock. “We owe it to the whole community to maintain diverse levels of opportunities for folks to live.”
The development is a 4 percent Low Income Housing Tax Credit (LIHTC) project and is being financed by a combination of sources, including a HUD 221 (d)(4) loan and tax-exempt private activity bonds issued by the City and County of Denver.
“The City of Denver, DURA and the State of Colorado Division of Housing all worked extremely hard to make this community a reality, and we’re all looking forward to delivering much-needed housing at rents considerably below downtown averages. It’s a small step in the right direction,” said Brent Snyder, Principal of Century Real Estate Advisors.
The general contractor for this development is Calcon Constructors. This project joins a handful of other projects under development and planned for the area including Palisade Partners’ mixed-use development at 25th Street and Welton—The Wheatly.
“When you think about these affordable projects, it takes incredible collaboration,” said Councilman Brooks.” What folks need to realize is that this is the largest affordable housing project under construction in our city today. We are happy to say that these 223 units will remain affordable for the next 25 to 30 years.”