New affordable apartments in Five Points
Rendering via Humphries Poli Architects.
On Monday, June 1st, Denver Mayor Michael B. Hancock participated in a groundbreaking event to celebrate the new construction of 2300 Welton, a 223-unit affordable housing development underway in Five Points.
The $43 million project is being developed by Century Development, with financing from several public and private sources, including the Denver Office of Economic Development (OED), and designed by Humphries Poli Architects.
“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. 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,” said Mayor Hancock.
The project encompasses two infill redevelopment parcels spanning Welton Street from Park Avenue West to 24th Street, and along Park Avenue West from Welton Street to Glenarm Place. 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).
2300 Welton will include two separate structures (3-story and 4-story). Features include underground parking, central courtyard, fitness center, and bike storage and maintenance center.
The development represents the latest affordable units to be created under the Mayor’s “3x5 challenge.” 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.
The OED provided $1.1 million in financing to help support land acquisition for the development. 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.
