Pennrose JV Breaks Ground on Fully Affordable Supportive Housing in Denver
The community will cater to residents between the ages of 18 and 24.
A joint venture between Pennrose, TGTHR and Rivet Development Partners has broken ground on 2700 Wewatta, a 56-unit fully affordable housing development in Denver. Shears Adkins Rockmore Architects provided architecture services, while Milender White serves as general contractor. Completion is slated for April 2024.
The supportive housing community will cater to residents between the ages of 18 and 24, who are transitioning out of Denver’s foster care system or experiencing homelessness. The property is designated for youths earning between 0 and 50 percent of the area median income.
The project’s estimated cost is $27 million, as reported by CBS News. Various types of financing came from the Colorado Division of Housing, the Colorado Housing and Finance Authority, Red Stone Equity Partners, Bank of the West, Denver Housing Authority, HUD and American Express. In addition, the Denver Department of Housing Stability has provided a $3 million performance loan from Denver’s Homelessness Resolution Fund, which will ensure that the community will remain affordable for at least 60 years.
Transition from homelessness into independent living
Designed to meet NGBS Bronze standards, the five-story building will incorporate one- and two-bedroom floorplans, along with 1,000 square feet of commercial space on the ground floor. The 45,000-square-foot structure will include outdoor recreational amenities, private work nooks, laundry facilities, a community food pantry, resident lounges and bicycle storage.
Residents will benefit from supportive services, which will help them transition into independent living and reach housing stability. Legal assistance, behavioral, medical and mental health services will be offered on-site, with TGTHR providing employment and education assistance, life skills support, family engagement services, financial literacy training, career development, substance use counseling and social-emotional support.
Situated in the Five Points neighborhood of RiNo, the development site is near the intersection of Interstate 25 and Interstate 70, which provide easy access to the Denver metropolitan area. Several public transportation lines are also nearby. The City Park, Presbyterian Saint Luke’s Medical Center, The Central Business District and Metropolitan State University of Denver are within a 4-mile radius.
Within the Denargo Market development
The 2700 Wewatta project is part of the Denargo Market, a mixed-use master-planned development in RiNo. The project is developed by Golub & Co. and Formativ, with Rivet Development Partners in charge of the affordable housing component.
Denargo Market was designed to include a range of housing options, retail and outdoor space along South Platte River. The co-developers are planning to create between 1,000 and 1,400 housing units and approximately 1.2 million square feet of commercial space. JV Denargo LLC owns the 13-acres land on which 2700 Wewatta Way, 2650 Arkins Court, 3205 Denargo St. and 3280 Denargo St. will rise.