Nov 19, 2019
The Stella to provide 132 additional income-restricted units, with majority including larger, family-sized homes
DENVER, CO — Monday, November 18, 2019 — The second phase of the Laradon homes affordable housing project in Globeville is the latest income-restricted development to receive support from the City and County of Denver. Denver City Council tonight approved a $3.5 million loan to fund construction of The Stella, a 132-unit affordable housing project located at 5190 N. Broadway.
Developed by Gorman & Company, the $40.1 million development will include a strong mix of 2-, 3- and 4-bedroom units, as well as 16 units serving people with disabilities experiencing homelessness. All units will be restricted for a variety of low- and moderate-income households, ranging from 30% to 80% of the area median income. As a condition of the city investment, all units will be income restricted for at least 60 years.
The Laradon Hall Society for Exceptional Children and Adults is ground leasing the land for the development and serving as the lead service provider for supportive services. The nonprofit organization was founded in Denver in 1948 and provides services to children and adults with intellectual, developmental, and other disabilities at their campus located across Lincoln Street from this development.
“The Stella is a great example of the power of innovative partnerships to house people in need,” said Britta Fisher, executive director of Denver’s Department of Housing Stability (HOST). “This project uniquely supports the needs of larger families in the Globeville neighborhood, and we are pleased to work with Laradon Hall and Gorman & Company.”
In addition to the construction loan, the City and County of Denver is providing up to $22 million of Private Activity Bond allocation to support this project.
The Laradon construction site also includes The Elisabetta, a 91-unit income-restricted apartment building that is nearing completion. The Elisabetta also received financing from Denver’s Department of Housing Stability.
HOST is currently funding 21 affordable housing developments throughout the city that will provide a total of 1,233 income-restricted homes. An additional 1,066 city-funded units are anticipated to break ground within the next year.
The Department of Housing Stability is committed to ensuring all of those who call Denver home have a roof over their heads. The department invests resources, creates policy and partners to provide housing stability, resolve episodes of homelessness, and create housing opportunities.