Officials celebrated the opening of The Stella, a 132-unit affordable housing development in the Globeville neighborhood of Denver.
Developed by Gorman & Co. in partnership with Laradon Hall, the new community is home to families and individuals earning between 30% and 80% of the area median income.
The Stella includes 16 units of supportive housing for people with intellectual and developmental disabilities and at risk of homelessness. Ninety-seven units are restricted to households earning up to 60% of the AMI, and 18 units are restricted to households earning up to 80% of the AMI, according to the city.
Units range from one to four bedrooms, and property amenities include bike storage, a pet washing station, a playground, and a secured parking garage.
“The Stella is a testament to the power of partnerships, and what’s possible when a longtime nonprofit services provider joins with an affordable developer to create affordability for present and future generations in Denver,” said Britta Fisher, executive director of the city’s Department of Housing Stability (HOST).
The Stella is across the street from Elisabetta, which the team opened in 2020 with 91 affordable housing units and program space for Laradon Hall, a longtime nonprofit that serves children and adults with intellectual, developmental, and other disabilities.
"We’re thrilled to see the success of The Elisabetta continue at The Stella,” said Kimball Crangle, Colorado market president of Gorman. “It’s an honor to be able to support our residents, our nonprofit partner Laradon, and the larger Globeville community.”
HOST provided $3.5 million in financing from the city’s Affordable Housing Fund toward the project. Other public financing partners include the Colorado Housing and Finance Authority, the Colorado Division of Housing, and the Denver Housing Authority.
Other financing partners for the $42.3 million development include construction lender Chase Bank, permanent lender Lument, and low-income housing tax credit investor National Equity Fund.
