Denver Affordable Conversion Gets Financing
- Mar 12, 2021
Enterprise Housing Credit Investments, a subsidiary of Enterprise Community Investment, has provided $18 million in Low-Income Housing Tax Credits for the repurposing of 10-story office building in Denver’s Civic Central neighborhood. A partnership between Denver Health & Hospital Authority and Denver Housing Authority (DHA) are developing the 110-unit affordable housing adaptive reuse project, slated for completion by April 2022.
DHA is leveraging the LIHTC funds through its Delivering for Denver (D3) Bonding Initiative, according to David Nisivoccia, the organization’s executive director. DHA purchased the building from Denver Health in May last year for $5 million through a 99-year ground lease agreement, with the health-care provider remaining the owner of the land, according to Denver Business Journal.
The remodeled administrative office building at 655 N. Broadway—part of Denver Health’s recently upgraded campus—will comprise furnished studio and one-bedroom apartments, 96 of which will cater to low-income seniors aged 62 or higher. The remaining 14 units will serve as transitional housing for patients in need of additional support after discharge from the hospital.
Connecting healthcare and housing
Built in the 1950s on a 1.9-acre site near Denver Health Medical Center, the 78,141-square-foot mid-rise has two elevators and 7,500-square-foot floorplates, CommercialEdge shows. The property was last renovated in 2000.
Hospitals have a duty to retain patients who do not have a safe living arrangement to return to following discharge. As a result, some patients may end up occupying hospital beds for long periods of time. The repositioning of 655 Broadway will offer a transitional alternative for such vulnerable cases, noted Denver Health CEO Robin Wittenstein.
Lower-level amenities at 655 Broadway will include community and activity rooms, a maintenance shop, a business center, as well as exercise and physical/operational therapy facilities. The energy-efficient conversion will be certified according to Enterprise Green Communities Criteria. Sustainable features include high-efficiency mechanical systems, the use of low-VOC finishes, improved building insulation and Energy Star appliances.
Enterprise Community Investment was also involved in nonprofit developer Eden Housing’s Pauline Weaver Senior Apartments project in the Bay Area. The 90-unit affordable community targeting low-income seniors opened in May 2019.