Denver, CO – Pinkard Construction Company is kicking-off phase II preconstruction services on the Kuhlman Building redevelopment project at the Sloan’s Lake/St. Anthony Hospital redevelopment area. The Kuhlman project is the result of a development partnership by Koelbel and Co. and Trailbreak Partners. The design is being provided by Van Meter Williams Pollack.
The Kuhlman Building project is the adaptive reuse of the existing 45,000 square foot structure into for-rent affordable multi-family housing and retail/restaurant space. Funding for the project will come from developer equity, 4% Federal Low Income Housing Tax Credits by the Colorado Housing and Finance Authority, tax increment financing by the Denver Urban Renewal Authority, and a performance loan from the Denver Office of Economic Development.
The affordable housing portion will total 49 units with a mix of studios, one-bedrooms and two-bedrooms, along with two retail/restaurant pads – one in the Kuhlman Building and one stand-alone. The new stand-alone pad will be approximately 2,200 sf warm grey shell retail building near the intersection of West 17th Avenue and Perry Street.
The Kuhlman Building is located within the larger Sloan’s Lake/St. Anthony Hospital redevelopment area to be simply named Sloans. When complete, the Sloans neighborhood will include an Alamo Drafthouse, Highland Tap & Burger, the Raleigh office building, a 12-story condominium tower, a seven-story apartment community, a 6,000 square foot retail strip, plus the Kuhlman development, all in a seven-block area between Sloan’s Lake and West Colfax Avenue.
The Federal Low Income Housing Tax Credit program encourages the construction and rehabilitation of low income rental housing by providing a federal income tax credit as an incentive to investors. CHFA is the designated allocating agency for Colorado. Because demand for the housing credits regularly exceeds supply, CHFA must consider the need for affordable housing throughout the entire state of Colorado. In 2015, CHFA received 54 applications for federal and/or state LIHTC, seeking a combined total of $43 million.
Rendering by Van Meter Williams Pollack, courtesy of Pinkard Construction