A fence separates the undeveloped 2510 Welton St. lot from the sidewalk. (Matt Geiger/BusinessDen)
Haroun Cowans is focused on a housing-sized “chasm” in Five Points.
Cowans, who leads the Denver firm Goshen Development, said the neighborhood’s residential stock has changed dramatically over the past decade, resulting in both pricey market rate and “deeply affordable” housing.
Left out to dry are those looking for something in between.
There’s “a chasm from 60-120 percent AMI,” Cowans said, referring to area median income.
In an effort to address that, Cowans bought about 0.3 acres of undeveloped land at 2510 Welton St. late last month for $1.98 million, or $157 a square foot.
The seller was Palisade Partners, the firm behind the proposed redevelopment of the nearby historic Rossonian Hotel at 2650 Welton St. It bought 2510 Welton St. in 2018 for $1.63 million, records show.
The site sits right behind the 25th and Welton light rail RTD station, and is sandwiched between two apartment complexes. Cowans said the vision is to construct income-restricted for-sale housing, but “we are still early in the process.”
The funds for the transaction came from a loan facilitated by the Colorado Finance and Housing Authority, or CHFA. The terms stipulate that for-sale housing developed at the property be sold at 100 percent AMI or less.
“I’d rather it be in a condo structure — that’s what I would prefer — with an active bottom use,” Cowans said.
Goshen and fellow Denver developer Continuum Partners, on behalf of the nonprofit Denver Cultural Property Trust, facilitated the deal, which was formed in 2021 and owns two properties.
The first is at 3555-3575 Marion St. in Cole, where two homes contain eight apartments set aside for artists. The other is the Holiday Theater, 2644 W. 32nd Ave. in LoHi, a nearly century-old historic theater that the trust purchased for $5.1 million. Its 400-seat theater space is leased by the Museum of Contemporary Art. The rest of the property consists of 12 apartments and two retail spaces.
Haroun Cowans in front of the Rossonian Hotel in Five Points. (BusinessDen file)
Elsewhere, Goshen and Continuum plan to build a “workforce housing” project at 2000 Welton St. for kidney dialysis provider DaVita, which purchased the land at a steep discount. The Denver Cultural Property Trust is not involved with that deal.
“The (Welton) corridor is very important to us and personally to me,” Cowans said. “Five Points is a gem in the city that is looking forward to a future with really balanced housing stock.”
Meanwhile, after a pause in activity during the pandemic, Palisade Partners has revived its plans to redevelop the Rossonian. In July, Denver’s Landmark Preservation Commission approved its proposal to demolish and replace the roof, while adding an eight-story hotel addition on the back of the site.
“I can’t give too many details, but we are continuing to progress the design and the ownership group has bought in and wants to make this happen,” said Tim Welland, finance director of Palisade.
The development firm is wrapping up construction on the 267-unit, 336,000-square-foot OSO apartment building, 1900 S. Acoma St. in Overland, which Welland said should be completed by year’s end. Palisade also recently finished work on a four-story, 117-unit apartment complex in Sunnyside at 4228 Kalamath St.
A fence separates the undeveloped 2510 Welton St. lot from the sidewalk. (Matt Geiger/BusinessDen)
Haroun Cowans is focused on a housing-sized “chasm” in Five Points.
Cowans, who leads the Denver firm Goshen Development, said the neighborhood’s residential stock has changed dramatically over the past decade, resulting in both pricey market rate and “deeply affordable” housing.
Left out to dry are those looking for something in between.
There’s “a chasm from 60-120 percent AMI,” Cowans said, referring to area median income.
In an effort to address that, Cowans bought about 0.3 acres of undeveloped land at 2510 Welton St. late last month for $1.98 million, or $157 a square foot.
The seller was Palisade Partners, the firm behind the proposed redevelopment of the nearby historic Rossonian Hotel at 2650 Welton St. It bought 2510 Welton St. in 2018 for $1.63 million, records show.
The site sits right behind the 25th and Welton light rail RTD station, and is sandwiched between two apartment complexes. Cowans said the vision is to construct income-restricted for-sale housing, but “we are still early in the process.”
The funds for the transaction came from a loan facilitated by the Colorado Finance and Housing Authority, or CHFA. The terms stipulate that for-sale housing developed at the property be sold at 100 percent AMI or less.
“I’d rather it be in a condo structure — that’s what I would prefer — with an active bottom use,” Cowans said.
Goshen and fellow Denver developer Continuum Partners, on behalf of the nonprofit Denver Cultural Property Trust, facilitated the deal, which was formed in 2021 and owns two properties.
The first is at 3555-3575 Marion St. in Cole, where two homes contain eight apartments set aside for artists. The other is the Holiday Theater, 2644 W. 32nd Ave. in LoHi, a nearly century-old historic theater that the trust purchased for $5.1 million. Its 400-seat theater space is leased by the Museum of Contemporary Art. The rest of the property consists of 12 apartments and two retail spaces.
Haroun Cowans in front of the Rossonian Hotel in Five Points. (BusinessDen file)
Elsewhere, Goshen and Continuum plan to build a “workforce housing” project at 2000 Welton St. for kidney dialysis provider DaVita, which purchased the land at a steep discount. The Denver Cultural Property Trust is not involved with that deal.
“The (Welton) corridor is very important to us and personally to me,” Cowans said. “Five Points is a gem in the city that is looking forward to a future with really balanced housing stock.”
Meanwhile, after a pause in activity during the pandemic, Palisade Partners has revived its plans to redevelop the Rossonian. In July, Denver’s Landmark Preservation Commission approved its proposal to demolish and replace the roof, while adding an eight-story hotel addition on the back of the site.
“I can’t give too many details, but we are continuing to progress the design and the ownership group has bought in and wants to make this happen,” said Tim Welland, finance director of Palisade.
The development firm is wrapping up construction on the 267-unit, 336,000-square-foot OSO apartment building, 1900 S. Acoma St. in Overland, which Welland said should be completed by year’s end. Palisade also recently finished work on a four-story, 117-unit apartment complex in Sunnyside at 4228 Kalamath St.
