MGL Partners (MGL) and Denver Metro Village (DMV) hosted a ribbon-cutting ceremony Tuesday, September 14 to unveil a major renovation project at DMV’s affordable senior housing community in the Sloan’s Lake neighborhood. MGL, Denver-based multifamily, senior, workforce and affordable housing developer with a mission to build lasting value through the creation of high-quality communities, was tapped by Denver Metro Village to bring its vision of “Excellence in Housing” to fruition through updated, affordable apartment homes and amenities in an irreplaceable location.
MGL and DMV partnered with Santulan Architecture on the design and Milender White on the construction of the property, which sits on West Colfax Avenue between Quitman and Raleigh streets. Updates include a new four-story at-grade structure to house 185 parking spaces, 8,123 square feet of commercial space, and 19 newly constructed units. The renovation included significant upgrades to 191 existing units and 5,400 square feet of additional amenity space—all while keeping 191 residents in place during construction.
The renovation was primarily financed through Colorado Housing and Finance Authority’s noncompetitive Federal 4% Low-Income Housing Tax Credits. MGL acted as both a partner and consultant on the project.
“At MGL, we develop our own workforce and affordable multifamily buildings as well as specialize in partnering with organizations like Denver Metro Village to help make affordable communities a reality,” said Greg Glade, co-founder of MGL Partners. “As a local firm, this work is personal for us. We understand the growing impacts of Denver’s housing crisis and see an opportunity on projects such as this to make a real difference in a neighborhood where affordability is a big concern. It took a herculean effort to pull this project off amid the compounding challenges of a pandemic and historic cost escalations, but we are proud to have been able to support Denver Metro Village in updating and preserving these units for seniors in our community.”
DMV was one of the first affordable housing communities in Colorado and serves vulnerable seniors who are 62 and older making substantially less than Area Median Income (AMI). Right now, 121 units are eligible and will remain eligible for Section 8 Assistance and the remaining units will be made available to residents earning between 40% – 80% of AMI.
“We’ve provided affordable homes for Denver seniors for more than 50 years at this incredible location, and we’re thrilled to see it evolve into the space it is today,” said Maria Michels, executive director of Metronomy Inc., the nonprofit management company created to manage DMV. “These renovations will not only protect our 191 residents from being displaced by developers eager to flip buildings in this popular neighborhood, they will also help preserve DMV’s mission to provide affordable, safe, and comfortable homes for seniors for decades to come.”
All 210 units at DMV are now completely leased with a one-year waitlist. Among the improvements are a fully renovated community penthouse with a wraparound deck on the 18th floor, providing unparalleled views. Building plumbing and apartment interiors were updated, and energy efficiency upgrades were made throughout the building.
