As is often the case, there are a lot of pieces involved in building an affordable housing project. Rocky Mountain Communities helmed a $126 million project that will bring affordable housing to the Globeville neighborhood in Denver. The 170-unit project, and retail space, will soon break ground near the National Western Center Complex.
Joining RMC as development partners are Evergreen Real Estate Group and the Elyria Swansea Coalition Inc. A large part of the $126 million in total development costs is covered by revenue bonds from the Denver Housing Authority, which is serving as the construction lender on the project. The city of Denver acquired most of the land in 2019 for $6 million.
After buying the land, the city put out a call for developers in 2022, asking that the project be tailored to family-sized housing. The entire building is affordable, restricted to people making between 30% and 80% of the area’s median income.
Residents will be able to move in by 2027. Milender White Construction and Gilmore Construction are serving as the general contractors.
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