Colorado-Real-Estate-Journal_480332

Page 12 - September 3-16, 2025 www.crej.com Multifamily COLORADO’S COMMERCIAL REAL ESTATE EXPERTS 2655 ORE MILL RD. COLORADO SPRINGS, CO 80904 $3,550,000 | 26 UNITS 1515 & 1531 CLERMONT ST DENVER, CO 80220 $8,900,000 | 39 UNITS 1445 DETROIT ST. DENVER, CO 80206 $2,700,000 | 17 UNITS 2140 S ASH ST. DENVER, CO 80222 $2,450,000 | 5 UNITS MULTIFAMILY INDUSTRIAL RETAIL OFFICE www.NorthPeakCRE.com Info@NorthPeakCRE.com 720-738-1949 FEATURED LISTINGS by Avalon Jacka DENVER – The developers of two multifamily projects are pre- paring to bring affordable rental and for-sale housing to the Baker neighborhood. Chicago-based Evergreen Real Estate Group and Denver-based Shanahan Development are coordinating adjacent projects situated blocks away from the Denver Health hospital campus to provide a total of 130 affordable housing units for hospital employ- ees and lower-income households in a supply constrained neighbor- hood. “Denver Health recognizes the critical need for affordable housing in the community and is proud to be able to have a role in bringing new options to the neighborhood, giving new opportunities for neighbors and our employees,” said Denver Health CEO Donna Lynne. “We look forward to work- ing with Evergreen to connect our employees with this exceptional new housing option.” “We thrive on partnerships,” said Evergreen Vice President of Development Javonni Butler. “That’s a big part of our approach to development. Denver Health is an organization that’s older than the state of Colorado. The idea of being able to partner with them was obviously really compelling, and figuring out a problem that they’ve had for their workforce was something we wanted to be part of.” Through Elevation Commu- nity Land Trust, Denver Health will execute ground leases with Evergreen and Shanahan Devel- opment for their respective proj- ects. Located at 155 W. Fifth Ave., the site is an underutilized parking lot adjacent to Denver Health, one of the city’s densest employers. The Ford Apartments will be developed by Evergreen and include a mix of one-, two- and three-bedroom units for house- holds earning between 30% and 80% of the area median income. The three-bedroom residences will comprise one-third of the units, expanding family-friendly hous- ing availability in the Baker neigh- borhood. The rental development is named after Dr. Justina Ford, the first Black woman to be licensed as a physician in Colorado, who provided care for Denver area patients in the early 1900s. “Baker is a very dense area that does not have much oppor- tunity for development at this point because it’s so dense and built out,” Butler said. “With that, there’s only so many opportuni- ties for affordable housing, and there are thousands of households within the primary market area that would qualify for the housing we’ll be building. One of Denver Health’s main objectives with this project was to help find solutions for housing, both for rent and for sale, for their employees. Out of their employee base, there’s over 5,500 folks that will qualify for the housing.” Each unit will feature full Ener- gy Star appliance packages, LED lighting, step-in showers, in-unit laundry, low-flow plumbing fix- tures and vinyl plank flooring. Amenities at the 64,000-square- foot community will include a community room, fitness center, coworking space, a children’s playroom and secure bike storage, as well as a free on-site parking lot with 48 spaces. Nonprofit human services agency Family Tree will have an office on-site to provide services to help enhance resident’s lives and economic mobility. The property’s location offers prox- imity to numerous retail, restau- rant and recreational amenities, including Sunken Garden Park, Cherry Creek Trail and the South Broadway corridor. The property is adjacent to an RTD bus stop with access to routes that connect to downtown and other neigh- borhoods, and each resident will be supplied a transit pass. The all-electric building will include high-efficiency HVAC systems and electric vehicle charging sta- tions; these and other features will help the project achieve Enterprise Green Communities and Zero Energy Ready Homes certifica- tions. “When you’re in an area like central Denver, Baker, Golden Tri- angle, this is very expensive area to live,” Butler said. “For work- ing folks, whether it be at Denver Health campus or surrounding job centers, like downtown, there are not many options for housing that’s affordable.” Evergreen received $1.6 million in federal 9% low-income hous- ing tax credits through Colorado Housing and Finance Authority. Additional financing for the proj- ect includes $650,000 in standard state credits and $78,000 in tran- sit-oriented communities credits, both from CHFA. CHFA also pro- vided permanent debt, including Healthy Housing, Healthy Com- munities funds, which are target- ed for projects that support health care and housing. The project is estimated to cost $27 million, But- ler said. Meridian 105 Architecture is serving as architect, and Milender White is serving as general con- tractor. Evergreen will profession- ally lease and manage the proper- ty, adding to its portfolio of nearly 15,000 units around the country. Evergreen plans to break ground in early 2026 and anticipates deliv- ering The Ford in fall 2027. Evergreen is developing several other rental communities around the state, including the 60-unit Rifle Apartments in downtown Rifle, which is expected to be completed later this year, and a 170-unit income-restricted hous- ing project at 4965 Washington St. in Denver’s Globeville neighbor- hood. Evergreen, Shanahan plan mixed-tenure campus for Baker Meridian 105 Architecture Evergreen Real Estate Group will bring The Ford Apartments, a 60-unit affordable rental housing project, to a site adjacent to Denver Health that will also be home to a 70-unit affordable condominium project by Shanahan Development. Please see The Ford, Page 14