Officials celebrated the opening of Avenida del Sol, an 80-unit affordable housing community in the Westwood neighborhood of Denver.
The new development brings important housing options to families and individuals, with apartments serving residents earning between 30% and 80% of the area median income (AMI). More than a quarter of the units are restricted to residents earning 30% and 40% of the AMI.
There are one-, two-, and three-bedroom units, with 30% of the apartment homes having three bedrooms to serve families.
“Avenida del Sol is a critical element to this neighborhood’s dedicated, multifaceted investment efforts. We are pleased to be able to provide affordable, newly constructed housing for a community that desires to remain in their chosen neighborhood in the face of gentrification pressures,” said developer Kimball Crangle, Gorman’s Colorado market president.
The approximately $28 million community was developed with the help of multiple funding sources, including the city and county of Denver, the Colorado Division of Housing, Colorado Housing and Finance Authority, and KeyBank.
Headquartered in Wisconsin, Gorman is a leader in affordable and workforce housing. The firm opened its Colorado office in 2014.
“Economic trends in the Westwood neighborhood point to a significant need for affordable housing units,” Brian Swanton, president and CEO, said. “One of the few ways to buck that trend is through the production of new, high-quality, affordable housing. Avenida del Sol accomplishes just that. While more is needed, this development adds to the work being accomplished in the neighborhood.”