- Located on Laradon’s west campus, the
$27 million development will offer 91 new apartment homes and
12,500 square feet of commercial space for Laradon to provide
services to people with disabilities
- UnitedHealthcare is the largest
investor, providing $14.7 million in equity as part of an
initiative to connect people in need to housing and support
services to help them live healthier lives
Community leaders, housing and health advocates, and development
partners today celebrated the start of construction for The
Elisabetta, a new 91-unit affordable-housing development in the
historically diverse Globeville neighborhood of Denver.
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Community leaders and development
partners celebrate the start of construction for The Elisabetta, a
new 91-unit affordable-housing community being built in the
Globeville neighborhood of Denver. From left: Patrick Gordon,
UnitedHealthcare; Doug McNeill, CEO, Laradon; Kimball Crangle,
Gorman & Company; Denver Mayor Michael B. Hancock; Tim Sandos,
North Denver Cornerstone Collaborative; Robin Kniech, Denver City
Councilmember At-Large; Debbie Ortega, Denver City Councilmember
At-Large; Robin Hyerstay, Enterprise; Cris White, Colorado Housing
and Finance Authority (Photo: Bear Gutierrez).
Developed by Gorman & Company, The Elisabetta will be
located on the campus of Laradon, a Denver nonprofit that provides
education, training and support for children and adults with
intellectual and developmental disabilities.
The new community will feature one-, two- and three-bedroom
apartments for residents earning 30, 50 and 60 percent of Area
Median Income. Monthly rents will range between $506-$1,012 for
one-bedroom, $607-$1,215 for two-bedroom, and $701-$1,402 for
three-bedroom apartments. Nearly a quarter of the apartments will
be set aside for residents living with a disability, and all the
apartments are designed to be adaptable and accessible for tenants
and visitors with varying disabilities.
“Today marks an important step in creating long-term
affordable-housing options in the Globeville neighborhood of
Denver,” said Kimball Crangle, Colorado Market President, Gorman
& Company. “The Elisabetta will provide residents an important
link to housing and supportive services, particularly those who are
living with a disability.”
Laradon, which serves more than 650 children and adults with
developmental disabilities each year and is the largest and most
diverse service provider of its kind in Colorado, will occupy
12,500 square feet of space on the first floor to provide on-site
programming and support to adults with disabilities.
“Today’s groundbreaking is another example of Laradon’s ongoing
commitment to our community by helping spur long-term investments
in our campus and partnerships,” said Laradon CEO Doug McNeill.
“The Elisabetta will provide much needed affordable housing in
Globeville and additional opportunities for individuals with
disabilities to be involved in the community and live life without
limits.”
During the groundbreaking event, UnitedHealthcare – the largest
investor in the new development – announced it is investing $14.7
million in equity with Optum Bank through the use of Low-Income
Housing Tax Credits. UnitedHealthcare partnered with Enterprise, a
national organization that improves communities and people’s lives
by making well-designed homes affordable, to invest in The
Elisabetta.
“UnitedHealthcare’s investment in The Elisabetta is part of a
company initiative to help people live healthier lives by
connecting affordable, quality housing to better health,” said Jeri
Jones, West Region CEO, UnitedHealthcare Community & State.
“This model community will expand housing opportunities and offer
residents on-site supportive services to help them thrive and
succeed.”
UnitedHealthcare, which employs 2,600 people in Colorado and
serves the health care needs of nearly 1.5 million people
statewide, is making the investment as part of a company initiative
to help people live healthier lives by connecting affordable,
quality housing to better health. Since 2011, the company has
invested $384 million to build more than 70 affordable-housing
communities in 14 states, helping create nearly 3,400 affordable
homes for individuals and families.
“By pairing homes for people with disabilities with supportive
services that help them live independently, home becomes more than
just shelter. They’re a springboard that helps people reach their
full potential,” said Charlie Werhane, President and CEO of
Enterprise Community Investment. “Enterprise is proud to partner
with UnitedHealthcare and Gorman & Company on this new
development.”
The Colorado Housing and Finance Authority (CHFA) awarded
federal and state Low Income Housing Tax Credits to support the
development. The State of Colorado is providing $800,000 in
financing through the Colorado Housing Trust Fund as well as
Project Rental Assistance with 22 Section 811 vouchers. Additional
major funding for the development includes $1.8 million in
financing from the City of Denver; and $500,000 from Laradon as
part of its commercial lease agreement. Citibank is providing $14.5
million in construction proceeds and an $8.2 million permanent
loan.
“Today marks an important milestone in helping create new models
for quality, affordable housing in Colorado,” said Cris White, CHFA
Executive Director and CEO. “When completed next year, The
Elisabetta will offer new opportunities and hope for the
individuals and families who will call this new community their
home.”
“This groundbreaking represents the amazing results that can
happen when our community comes together,” said City of Denver
District 9 Councilmember Albus Brooks. “The Elisabetta helps lay
the groundwork for great opportunities for our neighborhood,
particularly with new, affordable houses with on-site support where
individuals and families can live together for generations to
come.”
Shopworks Architecture is the architect for The Elisabetta, and
the construction contractor is Deneuve Construction. The
development is expected to open in late 2019. Ross Management Group
will manage the property. The Elisabetta will include fully
equipped kitchens, ample storage space, central laundry facilities
and a community room with fitness equipment and gathering spaces.
An in-house bicycle-share program will be created at the property
to encourage multi-modal transit options.
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version on businesswire.com: https://www.businesswire.com/news/home/20180503006727/en/
Gorman & CompanyKimball Crangle,
303-887-2707orLaradonAlison Roth,
720-974-6806orUnitedHealthcareLynne High,
952-979-5861orEnterpriseJon Searles,
202-649-3916orCHFAMegan Herrera, 303-297-7407
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