Terraza del Sol

TERRAZA DEL SOL, WESTOOD CATALYST

By John Rebchook, Denver Real Estate Watch, August 8, 2015

DENVER – A groundbreaking ceremony is scheduled for Tuesday for a $15 million, 42-unit apartment building, Terraza del Sol, which is viewed as a catalyst for Westwood, one of the poorest neighborhoods in Denver.

Gorman & Co., in its first Denver project, is developing Terraza del Sol on a 1.3 acre-site at 3116 W. Alameda Ave.

The three-story development will provide housing for those earning 30 percent to 60 percent of the area median income.

Monthly rents will range from $382 for a one-bedroom unit to $733 per month for three-bedroom units.

Qualifying renters would earn from $23,000 to $46,020 annually.

Mi Casa Resource Center, a Denver-based nonprofit that has served the community for four decades, will occupy the first floor, providing a range of educational and economic services.

“We specialize in complex public-private affordable housing partnerships in communities that are revitalizing in an equitable way,” said Kimball Crangle, Gorman’s Colorado Market President.

The City of Denver, Denver Urban Renewal Authority, Colorado Health Foundation, the Urban Land Institute and others have worked for years to bring new investment to the area

Almost a third of all of Denver’s substandard housing units are in Westwood, and 95 percent of the children in that south-central/west Denver neighborhood are eligible for free or reduced-price lunch.

Paul Lopez, the Denver City Councilman for Westwood, grew up in the neighborhood and knows what is it like to grow up poor with substandard housing.

“As a young man, my family constantly moved searching for decent, safe, and affordable housing,” Lopez said.

“Every time we moved, I had to change schools, make new friends, and the six of us would share a two-bedroom apartment,” Lopez said.

Terraza del Sol addresses social issues that have plagued Westwood, according to Lopez.

“By providing the units at Terraza del Sol, we are not only creating affordability, but sustainability in the lives of people in Westwood,” Lopez said.”

The 71,000-square-foot, energy-efficient buildings will embrace healthy living goals. Amenities will include a fitness room, interior bike storage, a large outdoor terrace with gathering and play space for families, a community lounge and media room.

Mi Casa Resource Center will open its new organizational headquarters and Family Economic and Education Center in almost 20,000 square feet in Terraza del Sol.

The space will house Mi Casa and its core partners, providing:

  • Entrepreneurial training;
  • Business counseling and micro-loans;
  • Career training, coaching and job search help;
  • Financial coaching;
  • Tax preparation;
  • English as a second language programs;
  • GED test preparation;
  • Computer literacy classes;
  • And legal consultations.

“We are excited to bring our comprehensive economic and educational services to this beautiful facility in Southwest Denver,” said Christine Márquez-Hudson, CEO and executive director of Mi Casa.

“This will enable Mi Casa to provide easier access and help more families achieve lasting economic stability,” Márquez-Hudson added.

Terraza del Sol is being financed through the Colorado Housing and Finance Authority, State of Colorado Department of Local Affairs, Denver Office of Economic Development, Denver Urban Renewal Authority, Citibank and Enterprise Community Partners, Inc.

Terraza del Sol was designed by Shopworks Architecture.The general contractor is Deneuve Construction Services. When complete, the property will be managed by the Ross Management Group.

Have a story idea or real estate tip? Contact John Rebchook at JRCHOOK@gmail.com. DenverRealEstateWatch.com is sponsored by 8z Real Estate. To read more articles by John Rebchook, subscribe to the Colorado Real Estate Journal.

NEW AFFORDABLE HOUSING GETS GOING IN DENVER’S WESTOOD NEIGHBORHOOD

Nonprofit Mi Casa Resource Center will also move its headquarters into the building

By Joe Vaccarelli, The Denver Post, August 11, 2015

DENVER – A new affordable housing development that will also house a prominent Denver nonprofit officially broke ground Tuesday in Denver’s Westwood neighborhood.

The $15 million Terraza del Sol project — developed by Gorman and Company — will bring 42 units of affordable housing to 3116 W. Alameda Ave. The ground floor will serve as the new organizational headquarters of the  Mi Casa Resource Center and include the organization’s Family Economic Education Center.

Mi Casa has served the Latino community in the Denver metro area for the past 40 years; the education center will offer services ranging from legal consultation and entrepreneurial training to GED test preparation and computer literacy classes.

“Residents are not just facing affordability, but access to good quality jobs and education and training,” Denver City Councilman Paul Lopez said. “This project brings both together.”

Mi Casa will sell its current headquarters at 360 Acoma St. The new building should be ready fall 2016.

“This is where we need to be,” Mi Casa CEO and executive director Christine Marquez-Hudson said. “This facility will serve not just families living overhead, but the entire area. I think this is a facility we envision being a catalyst for the community.”

The 42 units will provide energy-efficient one-, two- and three-bedroom apartments that are available to people earning between 30 and 60 percent of the area median income. That translates to between $23,000 and $46,020  per year. These 42 units are part of 337 affordable housing rentals that will be available in Westwood in the near future, according to Lopez.

Rents will range from $382 per month for a one-bedroom unit to $733 per month for three bedrooms. Other amenities at the development include a fitness room, indoor bike storage, media room, outdoor terrace and community room.

The project is financed by Colorado Housing and Finance Authority, State of Colorado Department of Local Affairs, Denver Office of Economic Development, Denver Urban Renewal Authority, Citibank and Enterprise Community Partners, Inc. The building was designed by Shopworks Architecture.

Joe Vaccarelli: 303-954-2396, jvaccarelli@denverpost.com or twitter.com/joe_vacc

http://www.denverpost.com/denver/ci_28622452/new-affordable-housing-gets-going-denvers-westwood-neighborhood?source=infinite

$15M APARTMENT PROJECT KICKS OFF IN WESTWOOD

By Burl Rolett, BusinessDen, August 12, 2015

A ground-breaking ceremony on Tuesday kicked off construction of a new apartment complex. Photo by Burl Rolett.

A ground-breaking ceremony on Tuesday kicked off construction of a new apartment complex. Photo by Burl Rolett.

DENVER – A new-to-Denver developer is breaking into the market with a $15 million apartment project aimed at low-income renters.

Gorman & Co. broke ground Tuesday on Terraza del Sol, a 42-unit affordable housing development at 3116 W. Alameda Ave. The project has been in the works for more than a year, Gorman’s Kimball Crangle said, and started to take shape after talks with Councilman Paul Lopez about rising housing costs in the Westwood area.

“This area has historically been one of the more affordable neighborhoods in Denver,” said Crangle, Gorman’s Colorado market president. “But even the neighborhoods that have long been affordable are starting to get more expensive.”

Plans for the $15 million development call for a mix of one-, two- and three-bedroom apartments set aside for renters making between 30 percent and 60 percent of the area median income. The project is expected to be finished by November 2016. Terraza del Sol will also house nonprofit Mi Casa, which will relocate its Baker headquarters to the development.

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The 42 apartments are expected to be finished by next fall. Rendering courtesy of Gorman & Co.

Mi Casa, which offers employment services primarily to Latino families, will own a 20,000-square-foot office condo on the project’s first floor. The nonprofit’s condo will be the development’s only commercial space.

Mi Casa has been in Baker for about 13 years, but CEO Christine Marquez-Hudson said the neighborhood is “gentrifying rapidly.” Mi Casa’s headquarters at 360 Acoma St. is under contract to be sold. The deal will close, Marquez-Hudson said, when the nonprofit’s new office in Westwood is finished.

“This is really Mi Casa’s home,” she said. “This is where we need to be now and for the next 20 years and even more than that looking into the future.”

Terraza del Sol is Gorman & Co.’s first development project in Denver, Crangle said. The development firm is also working on a 70-unt affordable housing project at 71st Avenue and Federal Boulevard in Adams County.

Rooms at Terraza del Sol will rent for between $382 per month for one-bedroom units and $733 per month for the three-bedroom apartments, according to a company press release. The 71,000-square-foot building will include a fitness room, an outdoor terrace and a common lounge room.

Though the entire building will be limited to renters making less than 60 percent of the area median income, Crangle said 90 percent of the apartments will be set aside for renters at or below 50 percent.

For a single renter, 30 percent of the area median income for Denver County comes out to $16,800, according to figures released in March by the Colorado Housing and Finance Authority. A single person at 60 percent area median income would make $33,600. For a two-person household, those figures come out to $19,200 and $38,400.

The project is being financed by Citibank and Enterprise Community Partners, as well as the Denver Office of Economic Development, Colorado Housing and Finance Authority, Colorado Department of Local Affairs and the Denver Urban Renewal Authority.

The general contractor is Deneuve Construction Services, and Shopworks Architecture designed the project.