First Affordable Component at Westminster Mall Redevelopment Complete
Koelbel and Company in partnership with Mile High Development and Longs Peak Advisors recently celebrated the completion of 8877 Eaton Street — 118 affordable housing units in the downtown Westminster redevelopment of the old Westminster Mall. The first affordable component in the area was made possible through collaboration and tremendous support from the City of Westminster and Mayor Aitchison. The City of Westminster Mayor Aitchison and Executive Director and CEO of Colorado Housing and Financing Authority, Chris White were in attendance.
“The completion of affordable housing at Eaton Street is an integral step in creating a vibrant downtown community in Westminster,” said Koelbel and Company Vice President, Carl Koelbel. “These residents will enjoy a lively, walkable community in the midst of new retail, commercial and residential development right between Denver and Boulder.”
Eaton Street will provide much needed affordable homes to 118 individuals and families in the Westminster area with an amenity rich community– complete with a rooftop patio, community room, fitness center and onsite leasing staff. The vision for Downtown Westminster will be a true downtown– developed over time, one block at a time, by different developers and builders. There is currently over 20,000 square feet of leasable space in the project available.
These affordable units in Eaton are exclusively available to residents earning 50 percent and 60 percent AMI—with some residents earning 30 percent AMI thanks to a partnership with Family Tree. Units include:
- 77 – 1-Bedroom 1 bath
- 29 – 2 bedrooms 2 bath
- 6 two-bedroom townhome style units
- 12 – 3 bedrooms.
The development offers significant retail opportunities including the Origin Hotel, a 300-room hotel and the Alamo Drafthouse. An additional 21,000 square feet of retail is currently available for immediate lease on the first floor, which fronts to 89th Avenue and Eaton Street, and will consist of a diverse mix of tenants in the medical, food, fitness, and service industries. The project wraps an 885-parking garage that will be used by residents and retail customers for the downtown project.
The total project budget is $24.3 million (including retail) and the funding was made possible through a combination of developer equity, $5.6m in total contributions from the City of Westminster, $3m CHIF loan from the State of Colorado Division of Housing and HOME funds loan from Jefferson County. The project has support from the City of Westminster and Colorado Housing and Finance Authority (CHFA).
Koelbel and Company has been one of the preeminent names in Colorado real estate for more than six decades and is highly regarded for their imaginative neighborhoods, in-fill urban design to promote community, pedestrian friendly transit-oriented neighborhoods, and low-income tax-credit housing.
Photo courtesy of Koelbel and Company