Denver officials last week put out a call for developers who can deliver projects that will meet affordable housing and community support goals at two city-owned sites along East Colfax Avenue.
One of those locations, a former PT’s strip club at 8315 E. Colfax and a connected parking lot at 1500 Valentia St., is being eyed for a mixed-use project, at least half of which must be reserved for low-income apartments reserved for people making 80 percent of the area median income or less.
The other parcel, a former bar turned vacant lot just few blocks to the west at 7900 E. Colfax, is slated to become a permanent supportive housing project for people who previously experienced homelessness once the city finds that right partner to take it on.
“One of the things we have heard loud a clear from development community was that land was hard to come by,” Doug Selbee, the city’s housing manager, said of the two sites, purchased by the city in 2017 at a combined price of $1.95 million. “We’re just really excited to be moving ahead with some development after the land acquisitions that we’ve done.”
The Denver Office of Economic Development issued requests for proposals from developers Thursday. Interested groups have until Dec. 13 to deliver responses.
The shared aims of the two projects are to “increase housing opportunities on East Colfax Avenue” and “strengthen neighborhood stabilization,” according to city documents. The mixed-use project carries the added hope it will “catalyze and strengthen redevelopment and adaptive reuse along Colfax,” the city says.
It could be years before either project come out of the ground, but the city’s timing is right in seeking developers now, says Monica Martinez, executive director of the Fax Partnership, a nonprofit dedicated to revitalizing the East Colfax corridor.
The city has a multi-million dollar vision to install a bus rapid transit line on Colfax, a service that would use high-frequency buses to act as a de facto streetcar line carrying commuters up and down one of the city’s most storied commercial corridors. Such a transit project could greatly benefit low-income families who are burdened by a combination of housing and transportation costs, but having housing that provides easy access to the service is key, Martinez said.
“Studies have shown that when public entities make-large scale investments, the private market follows,” Martinez said. “We should do what we can to protect opportunities for affordable housing. The private market will step in and they may jump over affordable hosing and go straight to market-rate. This is our window.”
The Fax advocated for the city’s purchase of both parcels. Both Martinez and the city’s RFP point out the former PT’s site is less that a quarter mile from the planned Uinta Street bus rapid transit stop.
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Both sites are going through a city rezoning process that would allow for buildings of up to five stories. The city’s request for proposals advertises public financing options for projects including the possible creation of an urban redevelopment area that could provide deferred tax financing.
The city will consider market-rate offers for the properties but also discounted prices or even transferring them in the form of grants depending on how big an impact proposed projects might make when it comes to housing goals.
“The more units that we would get and at the lower affordability levels will be looked at most favorably,” Selbee said.
