655 Broadway. Image courtesy of the Denver Housing Authority
Enterprise Housing Credit Investments, a subsidiary of Enterprise Community Investment, provided $ 18 million in low-income residential property tax credits for the conversion of a 10-story office building in the Civic Central neighborhood of Denver. A partnership between the Denver Health & Hospital Authority and the Denver Housing Authority (DHA) is developing the 110-unit Adaptive Reuse project for affordable housing, due to be completed by April 2022.
According to David Nisivoccia, the organization’s executive director, the DHA is leveraging the LIHTC funds through its Delivering for Denver (D3) bonding initiative. DHA bought the building from Denver Health last May for $ 5 million under a 99-year long lease, with the health care provider remaining the owner of the property, according to the Denver Business Journal.
The converted administration building at 655 N. Broadway – part of the recently upgraded Denver Health campus – will include furnished studios and one-bedroom apartments, 96 of which are suitable for low-income seniors 62 and over. The remaining 14 units serve as temporary accommodation for patients who need additional support after discharge from the hospital.
Combining health and living
Built in the 1950s on 1.9 acres near the Denver Health Medical Center, the 78,141-square-foot center building has two elevators and 7,500-square-foot floor slabs, CommercialEdge points out. The property was last renovated in 2000.
Hospitals have a duty to keep patients who do not have a safe lifestyle ready to return after discharge. As a result, some patients may be in hospital beds for long periods of time. The repositioning of 655 Broadway will provide a transitional alternative for such high-risk cases, said Robin Wittenstein, CEO of Denver Health.
The minor amenities of 655 Broadway include communal and activity rooms, a maintenance workshop, a business center, and facilities for exercise and physical / surgical therapy. The energy-efficient conversion is certified according to the Enterprise Green Communities criteria. Sustainable features include highly efficient mechanical systems, the use of low-VOC surfaces, improved building insulation and Energy Star devices.
Enterprise Community Investment was also involved in the Pauline Weaver Senior Apartments project run by nonprofit developer Eden Housing in the Bay Area. The affordable 90-unit community for low-income seniors opened in May 2019.