Denver Celebrates Opening of 49 Affordable Homes in Five Points

Denver Celebrates Opening of 49 Affordable Homes in Five Points

Published on May 09, 2024

Denver's Department of Housing Stability (HOST) and partners today celebrated the grand opening of The Burrell, a permanently affordable condominium project offering 49 income-restricted units. Named for jazz icon Charles Burrell, the development features one-, two-, and three-bedroom units which are restricted to households earning at or below 80 percent of the area median income.(PDF, 224KB)

"Affordable homeownership opportunities are vital for thriving cities, and we're proud to provide essential gap financing that makes these homes available for hard-working individuals and families," said HOST Executive Director Jamie Rife. "Being able to afford a home is a huge step on the path to long-term stability and building community, and we are excited about this step toward a more equitable city for all."

Developed by Shanahan Development, in partnership with Elevation Community Land Trust (ECLT) and the Urban Land Conservancy, The Burrell marks the culmination of a collaborative effort to provide affordable homeownership opportunities to Denver residents.

"We are thrilled to celebrate the grand opening of The Burrell Denver and welcome homeowners to this vibrant community," says Jeff Shanahan, Owner at Shanahan Development. "This project represents our commitment to creating sustainable and inclusive communities in Denver, and we are excited to see the positive impact it will have on the Five Points neighborhood."

Units are available for sale, with prices ranging from $205,000 for a one-bedroom unit, to $328,000 for a three-bedroom corner unit. Sales information is available at theburrelldenver.com.

"It is our hope that The Burrell will not only be a home to existing Five Points residents who have not had the opportunity to own, but will also be a path for families with historic neighborhood roots to come home," says Stefka Fanchi, CEO of ECLT.

The Burrell is a testament to the power of collaboration and community engagement in addressing the pressing need for affordable housing in Denver. By providing affordable homeownership opportunities, the project aims to promote economic stability and create a more equitable city for all residents.

"Any time we can help residents into homeownership, we are combating displacement and establishing stability for generations to come," said District 9 Councilman Darrell Watson. "Thank you to our partners who helped bring this vision of affordable homeownership to life in Five Points."

HOST provided a $3,185,000 performance loan for the project, which will be forgiven after 99 years so long as the project remains in compliance with the affordability restrictions. An additional $5 million HOST construction loan was provided, which will be repaid as units are sold to qualified buyers.

The Colorado Division of Housing also provided funding for The Burrell. Other partners include construction by Brinkmann Constructors, architectural design by Studio Completiva, and sales representation by Invalesco Real Estate.

The Burrell is the latest city-supported affordable housing development to take shape in Denver. A total of 1,685 affordable units that have received city financing are currently under construction/preservation at 21 sites throughout Denver. An additional 456 income-restricted units are in the planning stage. Learn more about this inventory at the Denver Affordable Housing Dashboard.

Tagged as:

• Housing Stability