City Councilwoman Marcia Johnson and other government and business leaders today participated in a groundbreaking celebration, kicking off construction of a new mixed-use development at E. Colfax Ave. and Poplar St. Named “Phoenix on The FAX,” the five-story, 60,000 square foot development will offer ground-level office/commercial space and affordable housing on the upper levels.
“The Phoenix is rising on East Colfax and will clearly be a catalyst for future development of the commercial corridor,” said Johnson. “Given its close proximity to job centers at nearby Fitzsimons Life Sciences District and downtown, this area is poised to offer additional amenities and offerings in the years to come. We’re proud to welcome Phoenix on The FAX.”
Developed by Sherman Associates, Inc., the project will include 50 units of affordable rental housing and is financed in part by a federal affordable housing subsidy provided through the Denver Office of Economic Development (OED). Phoenix on The FAX is the first major new project to be developed east of Monaco under Denver’s Main Street Zoning for Colfax, which promotes the revitalization of Denver’s commercial main streets.
“Through our office’s past support of the East Colfax business support office, OED has pledged to assist with neighborhood revitalization for this important corridor,” said LaCharles Keesee, executive director of the Denver Office of Economic Development. “We look forward to making additional investments along East Colfax, resulting in additional job creation and a stronger community.”
The FAX Partnership is a business support office that is committed to revitalizing Colfax Avenue from Colorado Boulevard to Yosemite Street. The organization is currently developing a vision plan for the area that is expected to be completed in early 2011. OED has supported the organization through the City’s federal Community Development Block Grant funding.
OED helps fund the construction of approximately 100 for-sale and 250 rental affordable housing units annually. Subsidies are provided through federal funds received from the U.S. Department of Housing and Urban Development. Affordable units are offered to individuals that meet the income requirements. Units are deed restricted to ensure long-term affordability within the Denver market.