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Denver Mixed-Use Development to Include Energy Efficient Housing with Help of CDFI Financing
5th
April
2023
Denver, CO

Denver Mixed-Use Development to Include Energy Efficient Housing with Help of CDFI Financing

April 5, 2023

Client: Globeville Redevelopment Partners, LLC

Client Location: Denver, CO

CDFI: Impact Development Fund

CDFI Service Area: CO

CDFI Services Provided: 

Financing and technical assistance, with support from the Finance Justice Fund 

Financial and Social Impact

Globeville Redevelopment Partners plans to build a 219-unit, mixed-income, mixed-use development that will include a robust mixture of 1-bedroom, 2-bedroom, 3-bedroom, and 4-bedroom apartment units, a 10,000 square foot Denver Public Library, and a 10,000 square foot commercial space to house a grocery store.
 

The affordable units will serve families at three income tiers:  

  • 30% AMI and less (36% of the units) 
  • 31-60% AMI (36% of the units) 
  • 61-80% AMI (28% of the units)

The building will be a near net-zero, all-electric system with roof–mounted solar panels. The building’s residents and library patrons will have at least 174 available parking spaces and on-site property management and maintenance personnel. 
 

Globeville Apartments is a new public-private partnership that directly responds to decades of inequity and disinvestment in the area. Long considered one of the most polluted and dangerous neighborhoods in Denver, Globeville has historically been an under-resourced and neglected area of town challenged by an array of issues, including the Central 70 Project, which widened Interstate-70 and displaced countless community members.  

With the ongoing development of Denver, and the RINO neighborhood in particular, Globeville’s residents will continue to face an immense amount of displacement of individuals and families who have lived in the neighborhood for years, and in many cases, generations. 

A computer rendering of a building courtyard
Photo credit: John Ronan Architects of Chicago

In response to this issue, developer Globeville Redevelopment Partners LLC is building the Globeville Apartments housing complex on 2.7 acres of city-owned parcels awarded by Denver’s Department of Housing Stability as part of a significant community revitalization effort. 

The predevelopment financing of the Globeville Apartments project is a profound collaboration between OFN member and statewide affordable housing lender Impact Development Fund, Colorado Clean Energy Fund (CCEF), and Mercy Housing. Since mainstream financing often fails to support projects that are deeply subsidized, it’s unlikely that Globeville Redevelopment Partners LLC would have been able to secure necessary predevelopment financing without the help of Impact Development Fund and its partners. 

A computer rendering of a large building
A computer rendering of a building
A computer rendering of a building
Photo credits: John Ronan Architects of Chicago

“Across the state of Colorado, from small mountain towns on the Western Slope to the metro areas of the Front Range, housing affordability and availability is a persistent challenge for community members and their respective local governments. As a statewide CDFI, Impact Development Fund is proud to support Globeville Redevelopment Partners to provide crucial, and scarcely available, predevelopment financing for this affordable housing project. We are excited to advance Globeville Redevelopment Partners’ initiative to combat rising costs of housing and displacement along with the enhancement of the neighborhood through the addition of much needed amenities and community services,” said Megan Ferguson, Deputy Executive Director, Impact Development Fund. 


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Tags: Affordable Housing, Energy Efficiency, Finance Justice Fund, Green or Climate Finance, Technical Assistance

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