DENVER – Permanent affordable housing is coming to an area of Denver that has seen great change over the past several years.
The Urban Land Conservancy (ULC), in partnership with Medici Consulting Group (MCG), will break ground on the development of 66 new, permanently affordable homes at the intersection of Denver’s Cole, Five Points and RiNo neighborhoods.
The plot of land where the development will be constructed will join ULC’s growing Community Land Trust (CLT), “ensuring the housing remains permanently affordable through a 99-year renewable ground lease,” Christi Smith, a spokeswoman for ULC, said in a news release.
The Walnut Street Lofts, as the development is called, will be adjacent to the A-Line’s 38th and Blake Station – offering not only housing to residents, but permanent affordability as well as connection to jobs and other services through direct access to public transit, something Denver Mayor Michael Hancock called a “triple win for our community and hard-working families,” in a prepared statement obtained by Denver7.
“As the 38th and Blake Station takes shape as a prime example of transit-oriented development, today’s groundbreaking will help to ensure that the residents here continue to have access to the equity and opportunity they need and deserve,” Hancock said in prepared remarks before the groundbreaking ceremony.
Walnut Street Lofts will serve residents making between 30-60 percent of area median income with rents ranging from approximately $400 for a one-bedroom apartment to $1,200 for a three-bedroom unit, Smith said. To learn the area median income, visit the city of Denver's website here.
The development will share many of the same amenities as a development also created by UL and MCG back in 2014, including a community space, a fitness center, a computer lab, a rooftop deck and a courtyard.
The Walnut Street Lofts, which will be located at 3773 Walnut St., is slated to be completed in spring 2020.