Jun 01, 2017
City investment ensures affordability of 75 apartments at Ashley Union Station for low- and moderate-income households
Denver Mayor Michael B. Hancock, City Council President Albus Brooks, and other city officials today participated in a ribbon cutting event celebrating the opening of Ashley Union Station, a mixed-income rental development located at 18th Street and Chestnut Place. The project, representing one of the last opportunities to secure affordability at this key transit-oriented development area, features 107 apartments, including 75 units for low- and moderate-income households.
The $30 million project was developed by The Integral Group, with financing from several public and private sources, including the Denver Office of Economic Development. The Denver Housing Authority (DHA) is a general partner.
“Thanks to Ashley Union Station, our hard-working residents and families can live within one of Denver’s fastest-growing areas which offers transit connections to jobs, education and amenities throughout our great city,” Mayor Hancock said. “We’re proud that through our affordable housing investments, we can help bring these units forward for current and future generations.”
The four-story building includes one- and two-bedroom units, as well as partially covered parking and a ground-level retail space. Ashley Union Station incorporates significant energy efficiency measures, complying with the Enterprise Green Communities Standards.
“Over a year ago, we stood nearby with our wonderful partners at the City, DHA and the community to break ground on this very important project,” said Egbert Perry, Chairman and CEO of The Integral Group. “Integral shares Mayor Hancock’s vision of providing affordable housing opportunities throughout the community. This project builds on a tremendous relationship that we have had with the City and DHA since the late 1990’s, and we are pleased to continue these partnerships.”
A total of 34 units are reserved for households earning 60 percent or less of the area median income (up to $45,360 for a family of three). Another 34 units are offered to households earning 50 percent or less of the area median income, and seven units are for households at up to 30 percent of the area median income. Tenants have already begun moving into the building, and approximately two-thirds of the affordable units are leased. For more information on leasing contact Lisa Archuleta at 720-575-1976.
The City and County of Denver provided $2.3 million in financing from the General Fund, as well as a $950,000 loan from the city’s Inclusionary Housing Ordinance special revenue fund, to support the development. DHA provided $2.75 million to support land acquisition and provided a 70-year ground lease to The Integral Group. Other financing partners include the Colorado Housing and Finance Authority, the Colorado Division of Housing, Enterprise Community Partners and Stearns Bank.
Ashley Union Station is the latest development providing affordable units under the Mayor’s “3x5 challenge.” Announced in mid-2013, the challenge calls for the development, rehabilitation or preservation of 3,000 affordable housing units over five years. The city and the real estate community have produced 2,892 units thus far, and an additional 876 units are currently under construction. In addition, a total of 16 additional affordable rental developments are anticipated to begin construction in Denver by spring 2018, delivering nearly 1,500 additional income-restricted units.