Developers Announce Workforce Housing Project in Five Points

2510 Welton Street, courtesy of Google Maps.

The Denver Cultural Property Trust (DCPT), a 501(c)(3) organization dedicated to acquiring and operating properties that benefit the cultural enterprise of the greater Denver Metropolitan Area, has acquired a 12,600-square-foot vacant lot located at 2510 Welton Street in the historic Five Points neighborhood. The purchase was facilitated by Denver-based, minority-owned real estate developer Goshen Development and Continuum Partners, which specializes in the development of urban, large-scale mixed-use projects.  

With a projected total cost of $28 million, the project is made possible through a $2 million forgivable loan from the Colorado Housing Financing Agency, administered through the Affordable Housing Financing Fund and the Colorado Office of Economic Development and International Trade’s Proposition 123 Land Banking Program. 

“By investing in affordable housing in Five Points, we’re not only addressing the affordability cliff that threatens to displace long-time residents but also preserving the cultural soul of this historic neighborhood,” said Haroun Cowans, founder of Goshen Development. “This project is a critical step towards stemming the rapid decline of African American residents in Five Points and ensuring that the community remains vibrant and inclusive for generations to come.” 

Current plans propose the development of 60 affordable housing units, featuring a mix of studios, one-bedroom, two-bedroom, and three-bedroom units, with approximately 3,000 square feet of retail space on the ground level. The project is still in the early conceptual stages and plans may evolve based on further studies. With its proximity to downtown Denver and the 25th and Welton Street light rail RTD station, the property provides increased access to opportunity and economic mobility for residents, addressing long-standing disparities in the Five Points community and helping to bridge the gap between affordability and accessibility. 

Formed in 2021 by Continuum Partners, the DCPT’s mission is to preserve and provide affordable commercial and residential spaces for individuals and organizations working in the cultural enterprise of greater Denver. DCPT currently owns two properties, an eight-unit apartment development for local artists that sits at 3555-3575 Marion Street in Five Points, and the Holiday Theatre at 2644 W. 32nd Ave in the LoHi neighborhood, which is leased by the Museum of Contemporary Art. 

According to a recent report from the Common Sense Institute of Colorado, the cost of home ownership has grown three times the rate of wage growth in Denver, with the cost of owning a home in Denver increasing by 18% since 2022, with wages only increasing by 6% over the same period. 

This is the second project Continuum Partners and Goshen Development have facilitated in the Five Points Historic District. Earlier this year, both companies announced plans to build a workforce housing project at 2000 Welton Street for kidney dialysis provider DaVita, which purchased the land in June of this year. Both projects are part of a larger mission from Goshen and Continuum to address the middle-income housing dilemma cities are grappling with nationwide. 

“Our work in Five Points is part of a broader strategy to tackle the national crisis of housing affordability,” said Mark Falcone, CEO of Continuum Partners. “Through this partnership with DCPT and helping to establish the Colorado Middle Income Housing Authority (MIHA), we’re proud to be delivering innovative solutions that address the complex challenges of housing affordability and community displacement.” 

Final plans for the project are still in development with additional details to come.

Related Posts

Scroll to Top