To address the critical shortage of affordable housing for seniors in Denver, MGL Partners (MGL), together with St. Stephen Missionary Baptist Church, broke ground on November 14 on a new 50-unit senior affordable housing community.
Located in Denver’s Central Park neighborhood, St. Stephen Senior Apartments was made possible through a unique partnership between MGL and St. Stephen Missionary Baptist Church, which owns the land and will provide a 65-year low-cost land lease. This arrangement provides a stable funding stream to the historically African-American church to allow them to continue their mission for decades to come.
“This project would not have been possible without the collaboration and vision of our incredible project partners, and particularly St. Stephen Missionary Baptist Church,” said Danielle Vachon Bell, development director at MGL Partners. “Their longstanding commitment to creating a lasting positive impact in the community here in Denver aligns strongly with our values at MGL Partners. Together, we’re proud to be adding crucial affordable housing options in one of the city’s most desirable neighborhoods.”
St. Stephen Senior Apartments will serve seniors 62 and older who are making between 30% and 60% of Area Median Income. The project has the distinction of being the only Denver project awarded the highly competitive Federal Low Income Tax Credits (LIHTC) in 2022. MGL Partners is an experienced LIHTC developer in Colorado, having developed 13 LIHTC projects as the General Partner and more than 14 projects as a development consultant. Additional funding partners on the project include Colorado Housing and Finance Authority, Wells Fargo, Impact Development Fund (CDFI), Division of Housing, the City and County of Denver, and Brookfield Residential.
Designed by Santulan Architecture and built by B.C. Builders, the four-story St. Stephen Senior Apartments will include a large, versatile space for recreation and group exercise, on-site meeting rooms for service providers, a kitchen for resident events, a fireplace, and flexible furnishings to support gatherings of all sizes. Additionally, the facility will offer group exercise equipment, a rooftop deck with scenic views of the Front Range and a community garden. To support resident experience, St. Stephen Missionary Baptist Church will offer additional community resources including a food bank and van transit to local amenities. The property will also have an on-site management and maintenance staff.
Additional project partners include: Strategic Land Solutions, Studio Terra, Studio M2, Energetics Consulting Engineers, LLC, Holland & Hart LLP, Faegre Drinker, Fidelity National Title. The project is slated for completion in January 2025, when leasing will begin.
