This Thursday marked the grand opening of Park Hill Station Apartments, which signifies the completion of the phase one of development for Park Hill Village West. The grand opening also marked yet another milestone for the Urban Land Conservancy, as we strive to increase affordable housing options throughout metro Denver.
Purchased by the Urban Land Conservancy in 2013, the 9.4 acre parcel is located at the corner of 40th and Colorado boulevard, which will now be the second stop on the new A Line Commuter Rail. As a whole, Park Hill Village West will be a mixed use space, including commercial space and affordable housing like the newly constructed apartment complex.
Comprised of 156 units ranging from one to three bedrooms, Park Hill Station will be home to hundreds of people by the end of June 2016. According to Joe DelZotto, the President and CEO of Delwest, there is currently a waiting list of over 1,000 people. While some of the units are already filled, applications are currently under review for the remaining spaces.
Delwest is a development company here in Denver that has a strong focus in the affordable housing arena. According to DelZotto, the company plans on continuing to build their reputation in the affordable housing industry.
“[This] is a space we are planning on becoming an industry leader in now, and in the future,” DelZotto said.
The grand opening was also host to other key players in the affordable housing movement, including councilman Albus Brooks, RTD General Manager Dave Genova and Mayor Michael Hancock. All are extremely proud and excited for the addition to Denver’s affordable housing options, especially now that a major transit line will be directly adjacent. Mayor Hancock explained that Denver’s Transit-Oriented Development Fund played a major role in making Park Hill Station a reality, and how vital it is for residents to have a commuter rail nearby.
“There is nothing more powerful than to marry transit and housing,” Hancock said.
Hancock also remarked on his 3×5 Housing Initiative, which aims to create 3,000 units of affordable housing in a five year period. Launched in 2013, Hancock stated that over 1,700 units have been build thus far, with an estimated 1,200 in the works. These units are critical to Denver’s housing crisis, which has seen market rate rental prices soar, leaving a 27,000 unit gap in affordable options.
Delwest made sure the complex came fully outfitted with amenities and a sleek design to accompany the below market rates. The complex features a fitness center, free resident parking, washer and dryers in each unit, vaulted ceilings and a club house. Prices for each unit are dependent upon the apartment size and the resident’s income.
It will be quite the week for the Park Hill area, as the new A Line Commuter Rail Line to Denver International Airport will also be opening tomorrow. Future plans for the remaining land owned by ULC at 40th and Colorado blvd are currently in the works.