Koelbel and Company Complete Sienna Affordable Housing at Sloans Lake
DENVER – Koelbel and Company and Trailbreak Partners have completed the construction of 49 affordable housing units in the refurbished Kuhlman Building, within the former campus of the St. Anthony Central Hospital.
Sienna Sloans Lake will provide much needed affordable homes to 49 individuals and families in Sloans, the name of the former hospital site, which is being transformed into a vibrant, active and attractive community.
“Adding affordable housing and commercial uses to Sloans will enhance the legacy of the site and strengthen connections to the park and the existing neighborhood,” said Koelbel and Company Vice President, Carl Koelbel. “Adaptively re-using the Kuhlman building with a community focused use will ensure that the legacy of the neighborhood is preserved even as re-development occurs.”
Units in Sienna Sloans Lake are exclusively for households earning 60 percent area median income or below. Units include three studios, 37 one-bedrooms, and nine two-bedroom units. The community offers onsite leasing/staff, a rooftop deck with mountain and skyline views, in-unit washers and dryers, and a fitness room.
Koelbel and Trialbreak are also in partnership on the redevelopment of the rest of Block 3 on the St. Anthony’s Campus which will include :
- 27 market rate, row-houses on W. 17th Ave, Quitman St. and W. 16th Ave. in a variety of unit types;
- A 5,800-square-foot of retail in the old Kuhlman building gymnasium to be transformed into a retail/restaurant space;
- A 2,200-square-foot retail building at the corner of 17th and Perry with a restaurant user to be announced shortly;
- 60 parking spaces serving both Sienna Sloans Lake and the retail
- A 4,300-square-foot public plaza
- A public art piece from local artist Michael Clapper
The project has support from the City of Denver Office of Economic Development, the Denver Urban Renewal Authority (DURA) and Colorado Housing and Finance Authority (CHFA). Funding was made through a combination of developer equity, Low Income Housing Tax Credits, Tax Increment Financing from DURA, and a performance loan from the City of Denver Office of Economic Development. Sloan’s Lake Block 3 will be delivered in phases with the first completed parcel of site development being the Kuhlman Building.
Illustrating the importance of this project, the requested LIHTC allocation will be leveraged through a City of Denver Office of Economic Development Performance Loan in addition to the existing public investment in the neighborhood.
“We are pleased to provide financing assistance to this exciting project. The ability to preserve a historic building, provide affordable housing and deliver new amenities to the community are key goals of the area’s urban redevelopment plan,” said Tracy Huggins, executive director at Denver Urban Renewal Authority.
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.
The Architect for the master plan and Kuhlman building is San Fransisco and Denver-based Van Meter Williams Pollack.
Trailbreak Partners is an alternative investment and advisory firm that focuses on small corporate acquisitions and developing real estate in Colorado. The firm’s principals have unique expertise in successfully managing the complexities of urban development including entitlements, environmental issues, infrastructure, finance and public-private partnerships.
“Having played a central role in the early stages of the redevelopment of St. Anthony’s Hospital, it’s a privilege to return to this project to develop Block 3 and see the complete vision realized,” said Doug Elenowitz, principal at Trailbreak Partners. “It will deliver on everything we set out to achieve.”
Photo courtesy of VOCA PR