The Central Park neighborhood could get an additional 217 affordable housing units for moderate to low-income residents — and multi-bedroom units suitable for families — between two projects set to receive some funding from the city.
Northeast Denver Housing Center Deputy Director Dominique Acevedo said Central Park II Apartments and Central Park III Apartments will bring some much-needed affordable housing to this part of the city. Northeast Denver Housing Center is a nonprofit that develops affordable housing.
The buildings are located near busy areas with a light rail station and businesses like grocery and commercial shops.
Central Park, situated in northeast Denver, is close to Denver International Airport and the Anschutz Medical Campus in Aurora, which Acevedo said could mean more access to employment opportunities for future residents.
“This project is really, really timely,” Acevedo said.
Central Park II, a 90-unit complex, will be located at the northeast corner of Central Park Boulevard and East Prarie Meadow Drive. Central Park III, a 127-unit complex, will spring up on the northwest corner of Central Park Boulevard and East 35th Avenue.
Those two plots are currently vacant, and Acevedo said owner Brookfield Properties, which developed the entire Central Park neighborhood, is donating the land. The city is kicking in a $1.67 million loan for Central Park II and a $1.99 million loan for Central Park III.
These are both just a fraction of each project’s estimated costs. Acevedo said II will cost about $23 million, while III will cost about $31 million to complete. A majority of the funding for the projects will be paid by state low-income housing credits, she added.
All units will be available for people making 60 percent or less of the area median income, which would mean anyone making $44,016 a year or less. Some units will only be available for the people who make even less — 30 percent or less of the area median income, which is $22,050 a year. The units range in size from studios, one-bedrooms, two-bedrooms, and three-bedroom.
Acevedo said she was proud of the larger units because they’ll help serve families, and are difficult to make affordable. Forty percent of Central Park II’s units (36) will be three-bedroom apartments.
Construction of the two apartment complexes is scheduled to be completed in 2023. Denver-based Palace Construction is the contractor on the projects.
Northeast has built at least 228 other affordable rental apartment units within the last three years in Central Park, according to Acevedo. The nonprofit opened a 132-unit affordable condo complex in Central Park in July.
The projects align with the city’s new five-year plan to build more affordable housing. That plan calls for building more three or more bedroom units that are suitable for families.
The two loan agreements with Northeast are on the Denver City Council’s safety and housing committee agenda for next Wednesday. They’re under what’s called consent items. That basically means council members won’t discuss them and the two bills will automatically be forwarded to the full council once the meeting is over.