Partnership Begins Work on Denver Affordable Housing Project
Gorman & Co., UnitedHealthcare and its partners have broken ground on The Elisabetta, a $27 million development that will include 12,500 square feet of commercial space.
Local authorities and private partners have begun construction on The Elisabetta, a 91-unit affordable housing development in the Globeville neighborhood of Denver. The $27 million project contains 12,500 square feet of commercial space, which will provide on-site programming and support to adults with disabilities. As the largest investor in this project, UnitedHealthcare is committing $14.7 million in equity with Optum Bank, using Low-Income Housing Tax Credits.
Located on the campus of Laradon, a Denver nonprofit, The Elisabetta is set to feature one-, two- and three-bedroom apartments, with monthly rents ranging from $506 to $1,402. All apartments are set aside for residents earning 30, 50 and 60 percent of the area’s median income. People with disabilities will occupy nearly a quarter of the units, although all the apartments are designed to be adaptable and accessible for tenants and visitors with varying impairments. The project includes fully equipped kitchens, storage space, laundry facilities and a community room.
Gorman & Co. is the developer of the project, Deneuve Construction is the construction contractor and Shopworks Architecture is providing design and architecture services. UnitedHealthcare partnered with Enterprise to invest in the project. Upon completion in late 2019, Ross Management Group will provide management services.
Other funding for the project came from the Colorado Housing and Finance Authority, which awarded federal and state Low-Income Housing Tax Credits. The State of Colorado provided $800,000 in financing through the Colorado Housing Trust Fund, as well as Project Rental Assistance with 22 Section 811 vouchers. Additional funding includes $1.8 million from the City of Denver and $500,000 from Laradon as part of its commercial lease agreement. Citibank is contributing with $14.5 million in construction proceeds and an $8.2 million permanent loan.
Image courtesy of Bear Gutierrez via UnitedHealthcare