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New affordable housing apartment complex opens in Globeville

City provided $3.5M in financing towards the project
Posted at 7:45 PM, Mar 16, 2022
and last updated 2022-03-16 21:45:35-04

DENVER — A new affordable housing apartment complex called The Stella opened in Globeville Wednesday, Denver's Department of Housing Stability (HOST) announced.

The complex is located at 5190 North Broadway and features 131 income-restricted apartments. Sixteen of the units will be supportive housing for those with intellectual and developmental disabilities and who are at risk of homelessness. Ninety-seven units will be reserved for households that earn up to 60% of the area median income, while 18 units will be reserved for households that earn up to 80% of the area median income.

Units range from one to four bedrooms. The complex includes amenities such as bike storage, a pet washing station, playground and a secured parking garage.

Land for the project was made possible through a 99-year land lease with the nonprofit Laradon, according to the city. Laradon focuses on providing supportive services to individuals with intellectual and developmental disabilities.

“The Stella is a testament to the power of partnerships, and what’s possible when a longtime nonprofit services provider joins with an affordable developer to create affordability for present and future generations in Denver,” said HOST Executive Director Britta Fisher.

The Stella follows the construction of The Elisabetta, which was completed in January 2020 as an addition to Laradon's Globeville campus.

"We’re thrilled to see the success of The Elisabetta continue at The Stella,” Colorado Market President of Gorman & Company Kimball Crangle said. “It’s an honor to be able to support our residents, our nonprofit partner Laradon and the larger Globeville community.”

HOST provided $3.5 million in financing towards the project. That money came from the city's Affordable Housing Fund, according to the city. Other public financing partners include the Colorado Housing & Finance Authority, Colorado Division of Housing and Denver Housing Authority.

The city says it plans to help create more affordable housing. A total of 1,139 affordable housing units that have received city financing are under construction at 24 sites across Denver, according to the city. An additional 921 units are in the planning stage.