Gorman & Co. joined with Denver’s Department of Housing Stability (HOST) on May 3 to celebrate the grand opening of Avenida del Sol, a new 79-unit affordable apartment community located in Westwood at the gateway to Denver, along Morrison Road just east of Sheridan.
“Access to affordable and safe housing is key for our hard-working individuals and families throughout Denver, including in Westwood,” said HOST Executive Director Britta Fisher. “We’re proud to partner with Gorman & Company to provide local Denver funds toward these much-needed affordable homes.”
Located at 5048 Morrison Rd., Avenida del Sol offers units ranging from one to three bedrooms. All units are income-restricted at a variety of different income levels including units for households earning up to 30% of the area median income ($22,050 for a single-person household). Other units are reserved for households earning up to 40%, 60% or 80% of the area median income.
The three-story development is adjacent to a mass transit corridor and is in close proximity to parks and the future Westwood Recreation Center.
“Avenida de Sol is a critical element to this neighborhood’s dedicated, multi-faceted investment efforts. We are pleased to be able to provide affordable, newly constructed housing for a community that desires to remain in their chosen neighborhood in the face of gentrification pressures,” said Kimball Crangle, Colorado market president of Gorman & Company.
HOST provided $1,415,000 in development financing toward the $27.2 million project. Other public financing partners include the Colorado Housing & Finance Authority and the Colorado Division of Housing.
Avenida de Sol is the latest city-supported affordable housing development to open in Denver. A total of 1,202 affordable units that have received city financing are currently under construction at 25 sites throughout Denver. An additional 779 income-restricted units are in the planning stage.
