The Denver City Council will consider a $19-million funding plan for a new affordable apartment complex in East Colfax after the housing committee approved the plan Wednesday.
The complex, called the Rose on Colfax, would consist of 82 apartments reserved for tenants who make 70% or below the area median income. That would be an annual income of $51,352 or less for one person, according to city data.
The council housing committee unanimously approved the plan Wednesday. It will need to pass two full council votes in the coming weeks before implementation.
If passed, the complex would be constructed at 8315 E. Colfax Ave., the former site of the East Colfax neighborhood’s last strip club PT’s All Nude II, previously known as Saturdays.
“Thank God this is moving on,” Councilwoman Amanda Sawyer said during committee in reference to the former strip club. “Thank you for doing this.”
The strip club closed in 2017 after the property was purchased by the city for $1.3 million in an effort to revive the area. The club was infamously the site of a 2015 murder in which one patron fatally shot another for touching his shoulders.
The complex would be a five-story, 119,000-square-foot building on the corner of East Colfax Avenue and Valentia Street. There would be 30 one-bedrooms, 28 two-bedrooms, 22 three-bedrooms and two four-bedrooms.
Of the 82 apartments, 16 would be reserved for tenants making 30% or less of the area median income; five for 31% to 40%; 10 for 41% to 50%; 31 for 51% to 60%; and 14 for 61% to 70%.
The building would have an Early Childhood Education center on the ground floor, providing care for newborns to preschool-aged children, city officials said. Other amenities include a community kitchen, fitness room, parking garage and laundry rooms on each floor.
“We’re expecting a lot of families and children at this particular community,” said Carolyn Reid with Mercy Housing Inc., the nonprofit leading the housing project. “The services are to help households stay housed and thrive, which is really our goal.”
The complex would also provide on-site services including health navigation, behavioral health services, financial literacy, job training, resume assistance, health food education and after school and youth programming, Reid said.
To fund the housing project, the city would provide Mercy Housing Inc. with a 40-year $3,500,000 loan and $15,425,000 of Private Activity Bonds. Another $11 million would come from outside funding sources, city officials said.
If the plan is approved by the City Council, construction on the complex would begin in October. Officials estimate residents would begin moving in by February 2023.