The city of Denver on May 4 announced the opening of an income-restricted housing complex in the Elyria-Swansea neighborhood, the Viña Apartments at 2121 E. 48th Ave.
Developed by Denver-based Columbia Ventures, the residential complex has 150 units, half of which are reserved for people making 80% of the area median income and the other half for people making between 50% to 30%.
The complex also has the Tepeyac Medical Community Health Center located on-site, and retail space with offices is planned but that phase of the development is expected to break ground in 2023, according to the city.
“We’ve now carved out the first phase of this community just steps from the 48th & Brighton National Western Center Station RTD station,” Columbia Ventures managing partner Dillon Baynes stated in a news release.
Viña Apartments offers units from studios to three bedrooms with a suite of modern amenities, Columbia Ventures stated.
The Denver-based Urban Land Conservancy yielded a public-private partnership through a 99-year renewable land lease and utilized the Metro Denver Impact Facility loan source through FirstBank and other Colorado-based foundations.
According to the city, a $1.5 million loan from Denver was used to acquire the property. The total cost of the development was $57 million, which was a four-year process.
Public finance partners for Viña included Denver’s Department of Housing Stability (HOST), Colorado Housing and Finance Authority, and the Colorado Division of Housing, which enabled deeper levels of affordability. HOST stated it provided a $3.75 million cash flow loan to support construction.
Tepeyac Community Health Center, a community health center currently operating at capacity in the Globeville neighborhood, will expand its core medical, dental and behavioral health services at a 24,500 square-foot facility at Viña at the end of this year, the city stated.