Mile High Development and Brinshore Development have proposed a 6-story, 103-unit affordable housing development to be called The Capitol Square Apartments. Located just one block from the State Capitol at the corner of 13th Avenue & Sherman Street in Denver, the site is currently owned by the Colorado State Land Board (CSLB).
The projected $31 million project will include one and two bedroom units at AMI levels of 30%, 40%, 50%, 60%, 70% and 80% using the new income averaging rules. According to Mile high Development, the six story (Type 3 construction) wood framed building will be built on top of a two-level parking podium with one level of parking at grade and one level below for a total of 77 spaces. KTGY is the architect for the project.
Mile High Development has been working with the Colorado State Land Board staff for several years to find a way to develop a portion of the parking lot site and preserve the maximum amount of parking income for CSLB while adding a productive use of the balance of the site. Utilizing the north end of the site and demolishing the dilapidated buildings accomplishes these two goals at once.
The Capitol Square Apartments proximity to the State Capitol will be of vital importance to affordable housing. The legislators, lobbyists and staff that are frequently asked to support the affordable housing industry will walk or drive by this site on a regular basis during the five month legislative season and beyond and some may well park in the adjoining State Land Board parking lot. The developers hope to create interest in affordable housing by using the building as an opportunity for legislators to see first-hand the positive impact of a high quality affordable housing community and the offices of the Colorado Division of Housing are directly across the street.
The project is expected to break ground in June 2020.
