DENVER (KDVR) — Construction of 103 income-restricted residential units, positioned one block from the state Capitol, began Monday, forecasting a promising makeover for the Capitol Square area.
Mile High Development and Chicago-based Brinshore Development, in a joint effort with KTGY, an architecture and residential development firm, began construction today of the Capitol Square Apartments located on the corner of 13th Avenue and Sherman Street.
“We live and work in this wonderful community and it is truly exciting to have a meaningful role in bringing new, high-quality affordable housing in an amenity-rich neighborhood near transit and employment,” said Terry Willis, AIA, LEED AP, a principal in KTGY’s Denver office.
The city-supported multifamily rental community, positioned only three short blocks from Civic Station, will be six stories high and will house 73 one-bedroom units as well as 30 two-room units. Residents will also have access to the soon-to-be constructed 68 parking spots.
“KTGY delivered a great design for Capitol Square, which was a very positive factor in generating neighborhood support,” said George Thorn, president of Mile High Development, while going on to emphasize the symbolic impact that having these units in the shadow of the State’s Capitol brings.
The developers of the structure entered a long-term lease agreement with the Colorado State Land Board, of which, the proceeds will be funneled towards education and the ‘K-12 BEST’ program.
$1,545,000 from the Affordable Housing Fund was contributed from the city of Denver to the project, a small portion of the $33.9 million-priced venture. The Colorado Department of Local Affairs also contributed an undisclosed amount to the project while the state’s Housing and Finance Authority gave developers a 4% tax credit.
With an opening date set to land in 2022, the housing structure will be available to those that earn 40%-80% of the surrounding areas residential median income. To put that in perspective, the maximum limit for a single-person household would top out at $54,950.