Denver’s Newest Income-Restricted Apartment Project Incorporates City’s Tramway History
Denver’s Cole neighborhood is set to welcome a new 63-unit income-restricted apartment building, with a nod to the city’s tramway history. Local developers Medici Communities and the Urban Land Conservancy are joining forces to bring this project to life at the corner of Gilpin Street and 35th Avenue.
The planned building will feature a brick facade and will be situated on a 2.3-acre concrete pad next to the Tramway Nonprofit Center. The center, housed in a 1930s tram and bus storage building, has been a hub for nonprofits since the 1990s. The conservancy purchased the block in 2007 for $2.5 million, and the tramway building currently accommodates 14 organizations.
Andrea Burns, a spokesperson for the conservancy, highlighted the rapid gentrification in Cole, citing the neighborhood’s proximity to downtown, Five Points, and the River North Art District. She emphasized the need for more affordable housing in the area, especially considering the free after-school programs available to children in the neighborhood.
The partnership between Medici and the conservancy involves a 99-year land lease, ensuring that the apartments remain income-restricted for decades. However, before construction can begin, the project must navigate zoning challenges. The property is subject to an outdated zoning code, which the city updated in 2010, making the process more complex.
The Denver Planning Board is set to review the rezoning application on July 16, with the goal of securing custom zoning that allows for the apartment building’s construction while preserving the tramway building next door. The block was previously owned by philanthropist Chuck Phillips, who sold the site to ULC in 2007. Phillips, who passed away in 2021, had a vision for affordable housing on the site, which the conservancy is now working to fulfill.
Overall, the project represents a blend of Denver’s rich history and its commitment to affordable housing. By repurposing a piece of the city’s tramway past, the new apartment building in Cole aims to provide much-needed housing options for the community. Subscribe to the Denver Post’s newsletter, “On the Block,” for more real estate and business news.
