Grovewood Community Development is bringing new affordable housing options to Aurora, Colorado.
The 28-year-old organization has broken ground on Sapling Grove Apartments, an 81-unit community that will serve residents earning between 30% and 80% of the area median income.
“We believe that with the right opportunities and infrastructure, not just individuals, but entire communities can thrive,” said Jo Ellen Davidson, executive director of Grovewood Community Development. “Sapling Grove joins our portfolio of developments across South Metro Denver—another branch in our growing network of communities offering residents safe and stable access to quality affordable housing. This groundbreaking is a testament to what is possible when public and private partners join forces to address critical housing, heath, and equity issues in our city and state.”
As the first phase of an intergenerational campus offering service-supported housing, Sapling Grove will feature a mix of one-, two-, and three-bedroom units; a rooftop deck and lounge; work pods; an exercise room; and an on-site community resource center offering health- and wellness-focused resident programs and services. The property also includes community spaces for resident gatherings; intergenerational lifelong learning workshops; and outdoor recreation via walking trails, a fenced playground, outdoor exercise stations, and gardens.
Slated for delivery in late 2024, the approximately $36 million project is made possible through 22 grant, loan, and equity sources. The funding includes:
· A combination of state and federal tax credit equity from Sugar Creek Capital and National Development Council, respectively;
· Grant and loan funding from the city of Aurora, Arapahoe County, and the Colorado Division of Housing;
· Construction, permanent, and private-activity bond financing from the Colorado Housing and Finance Authority; and
· Interim financing for land acquisition and working capital for pre-development expenses, along with a Capital Magnet loan for the permanent financing from the Impact Development Fund.
In addition, the Aurora Housing Authority is serving as the special limited partner to facilitate abatement of real estate taxes and certain other development fees, and the Colorado Health Foundation awarded a four-year grant to help advance health and equity for Sapling Grove residents and the surrounding community.
Santulan Architecture is the project architect, and BC Builders is the general contractor.
