More than 400 new housing units at two different sites will be built on the southeast side of Denver, with a large percentage set aside for seniors and mixed-income tenants.
The ambitious project is the result of the City of Denver’s move to acquire the two properties that belong to the Colorado Department of Transportation.
When that department announced plans to move their facilities elsewhere, Denver jump-started a complicated and protracted process of purchasing the properties for a combined $19 million.
In turn, the city has agreed to sell those lands to the Kentro Group, a Denver real estate development firm, which will turn the sites into primarily residential properties.
According to a City of Denver Department of Finance report, the two projects will ensure that “future use and development is contextual and compatible” with the neighborhoods surrounding the site.
The 11-acre site at 2000 S. Holly Street will see the construction of around 225 units, with 80 units geared for seniors.
The 12-acre site at 4201 E. Arkansas Avenue will be the home to at least 150 units, with rents calibrated at 60 percent of the area median income.
An exact timetable for work on the two properties has not yet been announced.