IRVINE, CA – KTGY, a leading full-service architecture, branding, interior design, and design company focused on housing, hospitality, mixed-use developments, and neighborhood revitalization, announced today that the Capitol Square Apartments with 103 revenue be built. Restricted housing units one block from the Colorado State Capitol Building at the corner of 13th Ave. and Sherman St., near the central business district in downtown Denver. The new six-story, state and city-backed, multi-family rental community developed by Mile High Development of Denver and Brinshore Development of Chicago is expected to be completed in 2022.
“Capitol Square is an example of the kind of innovative public-private partnerships that can be used to provide high quality, affordable housing in accessible, convenient, and transitable neighborhoods like Capitol Hill. Brinshore is excited to partner with Mile High Development and KTGY to bring this project to life, ”said David Brint, founding director of Brinshore Development, LLC.
“We live and work in this wonderful community and it is really exciting to be able to play a significant role in creating new, high-quality, affordable housing in a convenience-rich neighborhood close to transit and employment,” said Terry Willis, AIA , LEED AP, a principal in the KTGY Denver office. “Capitol Square attracts both young workers and empty nests looking for a walkable, urban home. It offers unit sizes that meet the ever-increasing need for affordability in the city center. “
According to Willis, modern development with several generations is based on the environment. The clear lines of the residential building refer to the adjacent town houses and are intentionally in contrast to the very detailed and richly decorated historic Capitol building. The steeply sloping terrain gave the designers the opportunity to create an underground parking space, which saved construction costs for excavations. The U-shaped design opens up the indoor units and courtyard with views of the Denver Art Museum and the mountains beyond, while promoting social connections.
“KTGY did a great design for Capitol Square, which was a very positive factor in supporting the neighborhood as well as any support from the lenders (US Bank and Freddie Mac), the tax credit investor (US Bank) and our gap lenders, HOST ( City of Denver) and CDOH (Colorado Division of Housing), ”said George Thorn, President of Mile High Development. “The overall plan was also very important in getting support and approval from the Colorado State Land Board (CSLB), the owners of the ½ acre property, to sign a long-term lease with the development team. From the very beginning of our affordable housing development in this location, we felt that the location of Capitol Square in the shadow of the State Capitol sent a very positive message to the community that this type of project would be well received by the state, city and country would other citizens and the neighborhood and that has been proven right, ”added Thorn.
Capitol Square amenities include a leasing office, common room and fitness room on the ground floor, and a landscaped outdoor patio in the courtyard on the second floor. 68 vehicles are parked on the ground floor and in the basement. The project aims at the certification of Enterprise Green Communities.
All housing is income restricted for households earning 40% to 80% of the area median income (up to $ 54,950 for a single person household). The building comprises 73 one bedroom units and 30 two bedroom units.
“Many residents of this Capitol Hill neighborhood go downtown Denver to work or use Broadway / Lincoln and 12th Avenue and Colfax transit corridors for bus services. It’s just a short walk (three blocks) from Civic Center Station and access to local buses, the Downtown Circulator Bus to Union Station, and the 16th Street Mall Shuttle, ”said Willis.
Denver City and County provided $ 1,545,000 from the Affordable Housing Fund for the $ 33.9 million project. The development also received other public funding from the Colorado Department of Local Affairs. The Colorado Housing & Finance Authority provided 4% federal and state tax credits and issued the bonds on the building.
The Colorado State Land Board has signed a long-term lease with the developers. The proceeds from the lease support the Land Board’s mission to raise funds for education and the K-12 BEST program.
KTGY is also working with Brinshore Development in Salt Lake City to design and develop two new affordable rental housing communities, including 255 South State Street, which is currently under construction in downtown Salt Lake City.
About KTGY: Founded in 1991, KTGY is a leading full-service architecture, branding, interior and planning company that focuses on residential, hospitality and mixed-use developments and neighborhood revitalization. We envision a future in which residential and hospitality design inform each other to create spaces that combine design and desire. The architects, designers and planners at KTGY combine great opportunities, innovative sustainable practices and impeccable design standards to create unforgettable goals of lasting value. KTGY serves customers worldwide from offices in Chicago, Denver, Irvine, Los Angeles, Oakland and Tysons. Call 888.456.KTGY or visit www.ktgy.com