The first of seven affordable apartment buildings officially opens Wednesday in Westwood, but don't expect to find any of the 39 units available.
The need for affordable housing in Denver is so high that St. Charles Town Co. had no problem filling the first phase of the Del Corazon apartment complex. Altogether, the 197-unit project is already about 80 percent leased out ahead of its completion in 2018, said Charles Woolley II, founding principal and president of the Denver-based development company.
"The demand for affordable housing in Denver is off the charts," Woolley said. "From that point of view, it's nice to build real estate around a huge need and be a part of filling it."
St. Charles Town Co. is working with city officials on the $40 million apartments that span both sides of the 4400 block of Morrison Road, north of the Denver Indian Center. The Denver Office of Economic Development chipped in $2 million via low-interest rate loans to redevelop the former Shady Nook and Belmont trailer park sites.
Woolley said the parks that held 72 mobile homes were "in danger of being shut down for health and safety reasons." A news release from the city echoed him describing Shady Nook and Belmont as "highly distressed" and "in jeopardy of condemnation."
The new Del Corazon apartments are available to households that earn 60 percent or less of the area median income. That would be up to $35,280 for a one-person household or up to $45,360 for a family of three.
A 610- to 650-square-foot, one-bedroom at Del Corazon starts out at $945 per month. A 795- to 910-square-foot, two-bedroom starts at $1,134. And a 1,040-square-foot, three-bedroom is going for $1,309 and up, according to the leasing website.
Community amenities in the new complex include a playground, futsal court, community plaza, space for a car sharing program and clubhouse with a fitness center. There's also a pedestrian crossing to help residents get across Morrison Road.
Less than a mile northeast of Del Corazon, Westwood Crossing is expected to open sometime this month adding another 98 affordable units at to the 3300 block of West Alameda Avenue. The building is already fully leased out, according to Centennial-based real estate manager ComCap Management.
As of Oct. 26, there were 2,544 affordable units in the development pipeline, according to the Denver Office of Economic Development.
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Business & data reporter Adrian D. Garcia can be reached via email at [email protected] or twitter.com/adriandgarcia.
