The half-acre 2000 Welton St. parcel, seen here in 2020, is a parking lot. (BusinessDen file)
In April, a Welton Street parking lot on the edge of Five Points sold at a steep discount. Now, plans are in for what might be built there.
A unique trio of Continuum Partners, Goshen Development and dialysis-provider DaVita snagged the half-acre parking lot at 2000 Welton St. for $3.3 million in February, about half of the $6.8 million it last traded for two years prior.
The group submitted plans to the city Friday proposing a seven-story, 94-unit income-restricted apartment building at the site.
The 98,000-square-foot building would have show studios as small as 427 square feet all the way up to three-bedrooms as large as 1,328 square feet, per the plans. There would be 52 parking spaces and a “lobby/amenity” space on the ground floor.
Cowans said Monday it’s undetermined if there would be retail space.
“The corner is tough on the retail from my perspective. Those are fast corners when you’re traveling,” said Haroun Cowans, who leads Goshen Development.
The project is seeking to be part of the pilot program of the Middle Income Housing Authority, which seeks to bridge the gap between market-rate and typical income-restricted housing.
State lawmakers gave the authority $1 million in 2022 to begin operations as it seeks to build out 3,500 units largely for people making between 80 and 120 percent of the area median income. For context, that range would be a salary of about $104,000 to $156,000 for a Denver family of four.
“It’s private capital financing for public use,” Cowans said.
The authority would potentially own the 2000 Welton St. property after the building is completed or leased out, Cowans said. He hopes to be one of the first projects accepted into the program.
“It creates a stabilization where residents aren’t moving because of the increases they see in one class (market-rate housing),” he said.
The X Co., which sold 2000 Welton St., had proposed a 23-story, 344-unit apartment tower there.
Cowans said the cost of the project, the neighboring Saint Andrew’s Episcopal Church, a city landmark, along with the general look and feel of the surrounding area, influenced his decision to propose a smaller structure.
“Interest rates, cost of construction, brings down the ability to do more,” Cowans said.
The half-acre 2000 Welton St. parcel, seen here in 2020, is a parking lot. (BusinessDen file)
In April, a Welton Street parking lot on the edge of Five Points sold at a steep discount. Now, plans are in for what might be built there.
A unique trio of Continuum Partners, Goshen Development and dialysis-provider DaVita snagged the half-acre parking lot at 2000 Welton St. for $3.3 million in February, about half of the $6.8 million it last traded for two years prior.
The group submitted plans to the city Friday proposing a seven-story, 94-unit income-restricted apartment building at the site.
The 98,000-square-foot building would have show studios as small as 427 square feet all the way up to three-bedrooms as large as 1,328 square feet, per the plans. There would be 52 parking spaces and a “lobby/amenity” space on the ground floor.
Cowans said Monday it’s undetermined if there would be retail space.
“The corner is tough on the retail from my perspective. Those are fast corners when you’re traveling,” said Haroun Cowans, who leads Goshen Development.
The project is seeking to be part of the pilot program of the Middle Income Housing Authority, which seeks to bridge the gap between market-rate and typical income-restricted housing.
State lawmakers gave the authority $1 million in 2022 to begin operations as it seeks to build out 3,500 units largely for people making between 80 and 120 percent of the area median income. For context, that range would be a salary of about $104,000 to $156,000 for a Denver family of four.
“It’s private capital financing for public use,” Cowans said.
The authority would potentially own the 2000 Welton St. property after the building is completed or leased out, Cowans said. He hopes to be one of the first projects accepted into the program.
“It creates a stabilization where residents aren’t moving because of the increases they see in one class (market-rate housing),” he said.
The X Co., which sold 2000 Welton St., had proposed a 23-story, 344-unit apartment tower there.
Cowans said the cost of the project, the neighboring Saint Andrew’s Episcopal Church, a city landmark, along with the general look and feel of the surrounding area, influenced his decision to propose a smaller structure.
“Interest rates, cost of construction, brings down the ability to do more,” Cowans said.
