Posted on: October 19, 2016
Source: The Denver Post
Posted by Joe Vaccarelli | Wednesday, October 19, 2016
7-building complex should be complete by first quarter of 2018
A $40 million project now under construction will bring 197 affordable apartments to Denver’s Westwood neighborhood by the first quarter of 2018.
The 4.5-acre Del Corazon complex spans the north and south sides of the 4400 block of Morrison Road and will consist of seven buildings. A pedestrian median on Morrison Road and a public plaza also are part of the project.
All of the one- and two-bedroom units will be open to households that earn 60 percent or less than the area’s median income — $33,660 for one person or $43,260 for a family of three.
The Del Corazon apartments in Westwood will bring in 197 income-restricted units to the neighborhood along Morrison Road. Joe Vaccarelli, YourHub
“Denver is proud to invest in safe and affordable housing for the Westwood neighborhood,” Denver Mayor Michael Hancock said in a statement released before an official groundbreaking ceremony Wednesday. “This is a key project that serves as a catalyst for additional revitalization of the Morrison Road corridor, bringing more housing, retail, amenities and jobs for local residents.”
The development is built over the old Shady Nook and Belmont mobile home parks that City Councilman Paul Lopez said were in disrepair and in danger of being condemned. All residents of the trailer parks received relocation fees and were able to either purchase a new trailer, move into an apartment or put a down payment on a home, Lopez said. The residents also will be given preference if they wish to rent at Del Corazon when the apartments are complete. The relocation fees were financed by the city’s Office of Economic Development and developer St. Charles Town Company.
The project is being financed by the developer and public finance partners, the Denver Office of Economic Development, Colorado Department of Local Affairs, and the Colorado Housing and Finance Authority. Public funds were necessary to offset the cost of responsibly relocating tenants of the mobile parks.
“We were able to turn a dilapidated, unhealthy, blighted park where people were living into affordable housing that is way above standard and safe. In the process, were able to turn property over to someone who is accountable,” Lopez said. “I’m happy folks didn’t have to do this on their own and I’m happy to know it’s happening in Westwood.”
Westwood has seen other affordable housing complexes get going recently, including the $15-million Terraza Del Sol project at 3116 W. Alameda Ave. which broke ground in 2015, and the $23-million Westwood Crossing development at 3390 W. Alameda. Del Corazon is the largest of those developments.
“This is the culmination of a lot of effort by a lot of people,” St. Charles Town Company CEO Charlie Woolley said. “It was really a team effort.”
Posted in: News