DENVER (KDVR) — A recently erected housing complex in the Globeville neighborhood was opened on Wednesday, bringing with it the promise of affordable housing for Denver residents who could use the fiscal boost.
A joint effort between Denver’s Department of Housing Stability (HOST), housing developer Gorman & Company and the local nonprofit Laradon has resulted in the grand opening of The Stella, located at 5190 N. Broadway.
The newly opened structure, adorned with the name The Stella, consists of 131 income-restricted units.
HOST put $3.5 million from the Affordable Housing Fund toward the project, in addition to financial injections provided by the Colorado Division of Housing and Denver Housing Authority and the Colorado Housing and Finance Authority.
Requirements for applicants:
- 16 units – for individuals with intillectual and development disabilities, and those at risk of homelessness
- 97 units – restricted to households earning up to 60% of the median income (1 person: $44,040)
- 18 units – restricted to households earning up to 80% of the median income (1 person: $58,720)
“We’re thrilled to see the success of The Elisabetta continue at The Stella,” said Kimball Crangle, Colorado Market President of Gorman & Company. “It’s an honor to be able to support our residents, our nonprofit partner Laradon and the larger Globeville community.”
If you are interested in applying for one of these units, please feel free to reach out to the Elisabetta Leasing office, or simply give them a call to get your questions answered at 303-997-5593.
A 99-year lease was signed by the local nonprofit, Laradon, who has been helping house the economically struggling since 1950 when the Globeville campus was opened.
In 2020, The Elisabetta building project was completed on the Globeville campus, paving the way for the Stella units to be constructed. This latest project is just one of 24 sites currently being worked on in Denver that will bring a total of 1,139 affordable units to those who need it.