“DENVER, CO — Tuesday, November 1, 2016 — Denver’s inventory of affordable housing units is on the rise with the completion of a new, 223-unit apartment complex in Five Points. City, state and federal officials today celebrated the grand opening of Welton Park, an income-restricted development located at 2300 Welton St.
The $43 million project, developed by Century Development, received financing from several public and private sources including the Denver Office of Economic Development (OED).
“Through Welton Park, hundreds of individuals and families not only have a new, affordable place to call home, but direct access to all that Denver and our central neighborhoods have to offer including critical transit,” Denver Mayor Michael B. Hancock said. “Keeping Denver accessible and affordable is one of my top priorities, and this is a key project that provides great momentum towards our affordable housing goals.”
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 range from studios to three-bedrooms and are available to households earning 60 percent or less of the area median income (up to $43,260 for a family of three).
Welton Park includes two separate structures (3-story and 4-story) and is located two blocks from light rail access. Features include underground parking, central courtyard, fitness center, and bike storage and maintenance center.
“Welton Park is a signature affordable project that will contribute greatly to the community development and vitality of Five Points,” said Council President Albus Brooks.
Residents began moving into Welton Park earlier this fall. Century Development is still accepting applications from prospective residents for the remaining units. For more information on leasing, visit www.weltonpark.com.
Welton Park is the fifth OED-funded affordable, multifamily development to be completed in 2016. The development represents the latest affordable units to be created under the Mayor’s “3×5 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 community have produced 2,267 units thus far, and an additional 816 units are currently under construction.
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.”
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City of Denver Press Release 1 November 2016.