Twenty-six of the lofts will be rented to formerly homeless individuals. The remaining 55 lofts will be rented to Downtown workers who cannot afford the high-priced lofts in Lower Downtown and in the Central Platte Valley, he says.
The project was built on a vacant parking lot just east of Broadway. It includes a mixture of studio, one and two-bedroom units, built over a two-story parking garage. The development also includes an enclosed courtyard and 4,000 sf of retail/office space.
"Downtown Denver has lost more than 3,000 low-cost housing units during the past two decades," Parvensky says. "A person earning the minimum wage in Denver would have to work 133 hours per week to afford a two-bedroom apartment. The Renaissance Off Broadway Lofts will provide truly affordable housing for those who have little housing choice in Denver's hot apartment market today. This mixed-income development will integrate housing for formerly homeless people throughout the building."
Humphries Poli Architects designed the project that features brick exteriors and 10-foot ceilings, characteristic of the pricier loft conversions in LoDo. The Off Broadway Lofts will be the first new residential development between LoDo on the west and Uptown on the east.
"We hope that this will be a catalyst for new development in this area of mostly surface parking lots," Parvensky says.
The project secured construction financing from US Bank. In addition, the project received funding from the US Department of Housing and Urban Development, the city and county of Denver, and the Colorado Division of Housing. The project also received tax credits through the Colorado Housing Finance Authority. Turner Construction Co. is the general contractor for the project.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
