The Colorado Coalition for the Homeless opened a 100-apartment building for chronically homeless and low-income families Tuesday on a plot of land that just a few years ago was the home of an asphalt plant.
Dubbed the Renaissance Riverfront Lofts, the energy-efficient building in the Central Platte Valley is near where Park Avenue West drops down off the bridge to the intersection of Interstate 25 and West 38th Avenue.
The project brings the first housing units to the neighborhood and seems to have spurred the interest of a number of market-rate real estate developers, Denver City Councilwoman Judy Montero said.
Montero, who recently moved her offices into the “frontier” neighborhood known as River North — or RiNo — said proposals include a commuter rail station nearby, a large residential project west of Park Avenue West and a number of retail shops.
“I’m just so proud of this project,” Montero said. “It’s going to have a very positive impact on the area, all the way up the river to Adams County (north of Interstate 70).”
River North runs northeast from Park Avenue West to roughly I-70, bounded by Blake Street and I-25.
The first resident of the building, Gerald Robert, a 57-year-old former tree surgeon who was permanently disabled 30 years ago, was moved to tears.
“This is such a blessing,” he said. “Not long ago, I was walking along the river with a backpack and bedroll, carrying my home with me. I’m tired. And I just can’t put this into words.”
The project, completed during the worst of economic times in recent memory, is a tribute to the cleverness of coalition president John Parvensky, who made the $17 million project “green” to take advantage of a number of new tax credits.
After deducting all the grants, including $2 million from the city of Denver, $1 million from the state and $800,000 from HUD, nearly all of the remaining debt will be written off as low-income and green tax credits. Only about $1 million remains to be repaid, Parvensky said.
The green portion of the project added about $800,000 to the cost, but the energy-efficient features of the building should reduce the annual operating costs by about $75,000 to $100,000, he said.
Those include two elevators that operate using counterweights and electric motors instead of hydraulics, saving about $15,000 a year.
The building has a $248,000 solar system on the roof, paid for with a $147,000 green tax incentive and an $82,000 rebate from Xcel Energy. Installation labor was donated by Namaste Solar, which installed the 40,000-kilowatt system. It should save $8,000 in electric costs annually.
The building’s roof insulation is double the standard thickness and efficiency. All windows are double-glazed with an extra thick exterior pane, which not only keep heating and cooling costs low, but also blocks the noise of traffic and nearby railroad yards.
Parvensky said a standard, four-story structure built with low-income tax credits, might have to charge $700-$800 a month for a one-bedroom apartment. Parvensky hopes the operational savings will allow the coalition to charge only $300 a month.
Mike McPhee: 303-954-1409 or mmcphee@denverpost.com
