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Continuum Partners and Goshen Development facilitated the purchase of the vacant lot on behalf of the Denver Cultural Property Trust, the developers said.
DENVER — Denver’s high cost of living and low housing supply are causing some developers to lean in on affordable housing solutions.
Two groups, Goshen Development and Continuum Partners, announced plans this week to develop their second affordable housing project in the city’s Five Points neighborhood at 2510 Welton St.
The Denver-based developers, along with nonprofit Denver Cultural Property Trust, are proposing to turn a 12,600-square-foot vacant lot into 60 affordable housing units with about 3,000 square feet of ground-level retail space.
The $28 million development is expected to offer studios, one-, two- and three-bedroom units.
“By investing in affordable housing in Five Points, we’re not only addressing the affordability cliff that threatens to displace long-time residents, but also preserving the cultural soul of this historic neighborhood,” Haroun Cowans, founder of Goshen Development, said in a statement. “This project is a critical step towards stemming the rapid decline of African American residents in Five Points and ensuring that the community remains vibrant and inclusive for generations to come.”
> Read the full story at Denver Business Journal.
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