Vacant Office Building in Lakewood to be Converted into Affordable Housing for Local Artists
Construction is currently underway on Notable, a 5-story, 218-unit affordable community in Lakewood that will provide artists, teachers and others that serve the community, the ability to live in the area they work.
Zocalo Community Development will serve as the developer, general contractor and property manager. The project is reported to have received $47.6 million in construction financing, arranged by Bellwether Enterprise Real Estate Capital through the direct purchase of tax-exempt and taxable bonds issued by Colorado Housing and Finance Authority
The Notable is an adaptive reuse of a 4-story, 160,000-square-foot office building on more than six acres at 730 Simms St. The location delivers multimodal convenience to all residents by its proximity to the 6th Ave corridor and the Federal Center light rail station.
According to Zocalo, 10 units will rent at 50 percent AMI and 208 units will rent at 60 percent AMI. In addition to the residential portion, the re-development will also include 3,000 square feet of on-site retail space.
The project took on a performing/musical arts personality after Zocalo met with neighbors and neighborhood associations. According to Zocalo, amenities will include practice and performance space for musicians and a large art studio for artists.
“Neighborhood outreach has been ongoing for two years and have been truly positive. Both the Daniels Welchester and Eiber neighborhood associations supported the rezoning of the property, writing letters of support and appearing at Council and Planning Board meetings to speak in favor,” said David Zucker, principal and CEO of Zocalo.
Completion is scheduled for Q4 2021.
Images courtesy of Zocalo