Through a collaborative, community-engaged process led by the Metro Denver affordable housing nonprofit Hope Communities, Denver-based, minority-owned real estate developer Goshen Development has acquired the property at 2550 Washington St. in Denver’s Five Points, near the corner of 26th and Welton Streets. The acquisition paves the way for a major revitalization of one of the neighborhood’s most culturally significant mixed-use buildings.
The 4-story building, known as The Point, opened in 2002 and included 35 affordable rental units, 33 privately owned condominiums, and two commercial spaces. The affordable rental units and commercial spaces were owned and managed by Hope Communities’ entities, Welton Homes and Minute Spot. The then-new model of development used for the property proved not to be sustainable over the long term for this and similar properties across the country. Together with affordable housing experts, Hope Communities worked to identify a new project model that has been shown to successfully allow for capital improvements and financial sustainability for similar mixed-used properties.
Goshen was selected to lead implementation of the new model as a result of its longstanding investment in Five Points and its commitment to sustain affordable housing and bolster economic vitality in the neighborhood.
“We were looking for a development company that would demonstrate integrity, preserve affordability and continue Hope’s legacy of dedication to the people of Five Points,” said Greg Glade, president of the Hope Communities Board. “Goshen is the right partner to carry this valued property forward based on their vision, relationships and commitment to keeping Five Points affordable and accessible.”
“We are honored to lead this project and are committed to the restoration and continuation of place, purpose and community,” said Haroun Cowans, founder of Goshen Development. “Our aim is to deliver housing that spans the full spectrum, from affordable to attainable, while intentionally revitalizing and maintaining a cornerstone of the neighborhood. This is what reinvestment with roots looks like: local, inclusive and built to last.”
Goshen and Hope Communities worked closely with key partners from the Colorado Housing and Finance Authority (CHFA), the Department of Housing Stability (HOST), the Denver Economic Development & Opportunity office (DEDO), the Department of Housing (DOH), and Denver City Councilmember Darrell Watson’s office to develop an effective implementation strategy. They also worked directly with condo owners, tenants, and commercial stakeholders to achieve unification of the property as the new model calls for the affordable housing units, privately owned units and the commercial spaces to all be held under one owner.
Cowans noted the first step in revitalization is well underway. The corner retail space which had housed Coffee at the Point reopened in June as Fifth Coffee House. The pop-up café and community hub is led by Five Points entrepreneur Torrance “Pines” Green. The coffee house has served as both a gathering place and cultural anchor, offering community events and late-night programming since June. While the Fifth Coffee House was designed as a demonstration space, with Minute Spot providing use of the space temporarily, it has been well-received by the community.
“It’s our hope this space in the heart of our community will continue to serve as the neighborhood’s living room and a communal space that reflects the spirit of Five Points,” Cowan said.
In addition to continuation of the community-serving ground-floor commercial space, Goshen’s plans for the property include major building upgrades, reconfiguration of the residential units, and long-term affordability protections. The project builds on the firm’s broader investment across Five Points, including a partnership with DaVita and Continuum Partners to develop new workforce housing at nearby 2000 Welton St. through the Colorado Middle Income Housing Authority (MIHA).
