An apartment complex located a dozen miles to the northeast of Denver and targeting the affordable housing market is expected to see extensive upgrading and renovation work.
The Renaissance 88 is a 180-unit complex located at 388 E. 88th Avenue in Thornton.
The 1990s era three-story facility was previously run by the Colorado Coalition for the Homeless, a Denver-based group working to reduce homelessness.
Now the Vitus Group, a national developer of affordable housing, whose main offices are in Seattle, has announced plans to upgrade the property.
Work at the Renaissance 88 will be done in phases, with the $1 million first phase including both exterior and interior improvements.
Once that four-year phase is completed, a second phase will see the installation of new plumbing, roofing, and energy efficient lighting, among other features.
The anticipated price tag for the second phase work is just over $5 million.
The complex will include 36 units specifically set aside for homeless families, as well as 24 units for those with a disabling condition.
Altogether, the complex will house residents paying no more than 30 percent of their household income on rent and supported through an extension of a housing assistance payment program sponsored by the federal Department of Housing and Urban Development.
Founded in 1996, Vitus currently operates more than 60 properties and 9,000 units in just over two dozen states.
The Renaissance complex represents the company’s first project in Colorado.
In a statement, Scott Langan, development director for Vitus, said, “Our team specializes in protecting and extending the useful life of properties in markets like Denver where there is a real need for affordable housing.”
Langan added: “We look forward to serving Colorado residents and helping to revitalize the neighborhoods they call home.”
By Garry Boulard
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