A $27 million affordable housing development will soon break ground in Globeville.
Called The Elisabetta, it will be located on Laradon’s west campus, at 5100 Lincoln St. It is expected to open in late 2019.
It will provide 91 units and 12,500 square feet of commercial space for Laradon to provide services to people with disabilities. Twenty-five percent of the apartments will be dedicated to people living with disabilities.
Laradon is a Denver nonprofit that provides education, training, and support for children and adults with intellectual and developmental disabilities.
UnitedHealthcare is providing $14.7 million in equity to the project, with Optum Bank through the use of low-income housing tax credits.
Additional funding and key development partners include the Colorado Housing and Finance Authority, the Colorado Housing Trust Fund, the city of Denver, and $1.5 million in contributed fees from Gorman & Company.
Citibank is providing $14.5 million in construction proceeds and an $8.2 million permanent loan.
The Elisabetta will include fully equipped kitchens, ample storage space, central laundry facilities and a community room with fitness equipment and gathering spaces.
It will also feature an in-house bicycle-share program.
Shopworks Architecture is on the project, and Deneuve Construction is the contractor. Ross Management Group will manage the property.
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