The $14 million University Apartments construction project next to University Station will open for leasing to senior citizens in December according to George Thorn of Mile High Development, one of two developers on the project. The developers, Mile High and Koebel and Company, bought the site from RTD in 2010.
“One of the reasons we decided to do [senior living] is because we had a similar project at Yale Station two stops down the lightrail, which was very successful,” said Thorn. “We found that seniors like to live next to light rail, but it also provides them with great bus service and great access for their family members and caregivers.”
The building will offer 60 units of affordable housing under the Colorado Housing and Finance Authority’s low income housing tax credit program (LIHTC). The low income housing tax credit will be sold to a private investor, RBC Capital Markets.
Construction commenced in March of this year and will finish around Feb. 15 next year, according to Thorn. The architect is Beck Architecture and the general contractor is Beck Construction.
According to Thorn, rents will vary based on the income of the renter. The square footage of an average unit will be between 600 and 900 square feet. Parking will be in the building’s garage and the RTD parking structure.
“In the interest of the neighborhood and transit users, we’ll be building a new kiss n’ ride/pick up and drop off facility at the station that doesn’t exist today,” said Thorn. “People will be able to drive into our east parking lot and be able to pick up drop off for the light rail station and circulate back out onto Buchtel with the signalized High Street intersection without having to jump ramps and do awkward traffic movements that they currently have to do.”
Key Bank and the Office of Economic Development in the City and County of Denver also provided funding.
“Most of the capital is coming from the construction financing or from the tax credit investor,” said Thorn.
Thorn said there are many successful senior housing projects adjacent to college campuses nationwide.
“The university itself is a great amenity with the Ritchie Center,” said Thorn. “The campus and university atmosphere is also very appealing to seniors.”
