Redevelopment of mostly vacant, downtown-adjacent land into affordable apartments.

Approval date

2015

Developer

2300 Welton, LLC

Total Project Cost

$42.3 million

DURA Participation

$769,000 in developer reimbursement through TIF

Tax Increment Source

Property Taxes

Term

Earlier of developer reimbursement or the year 2039

Project Highlights

  • Gravel parking lot transformed into 223 apartments designated for income-restricted households, 212 apartments for those earning 60 percent of the area median income and 11 apartments for those earning 30 percent of the area median income
  • 200 below-grade parking stalls

The Welton Corridor Urban Redevelopment Plan was adopted by City Council on Sept. 10, 2012 and established the Welton Corridor Urban Redevelopment Area. Building upon recommendations made by the 2011 Northeast Downtown Neighborhoods Plan, the Welton Corridor Urban Redevelopment Area, with support from the Five Points Business District and the Mayor’s Office of Economic Development, has successfully encouraged development interest within the corridor. Leveraging its proximity to downtown, access to light rail transit, and drawing upon rich local history, the area has attracted recent interest from the development community.

The Urban Redevelopment Area is comprised of approximately 85 acres and is situated immediately to the northeast of downtown Denver centered around Welton Street. The Urban Redevelopment Area is generally bounded by Broadway Street on the west, Glenarm Place and 24th Avenue on the south, Downing Street on the east and on the north either by California Street or the alley between Welton and California Streets.  The 2011 Northeast Downtown Neighborhoods Plan (NEDN Plan) and the Five Points Welton Street Marketplace Vision Plan and Final Report (Five Points Vision Plan) provide guiding principles, recommendations and goals for transforming the Welton Corridor Urban Redevelopment Area into a vibrant neighborhood serving commercial area with housing, retail and a mix of uses that activate the street.

Historically, the Welton Corridor has been the heart of the Five Points neighborhood, which is one of Denver’s oldest neighborhoods and was prominent from the 1860’s through the 1950’s. The neighborhood was originally home to Denver’s aristocracy, housing mayors, governors, and prominent business people. Starting in the 1920’s, Five Points had an African American majority population and was known as the “Harlem of the West” for a thriving community with a rich mix of local business and commerce along the Welton Corridor, including over fifty bars and clubs where some of the greatest jazz musicians performed. Starting in the late 1950s, the Five Points neighborhood began to suffer because of drugs, crime and urban flight. Many properties were abandoned, and the larger market found local business conditions unappealing. Although the Blair Caldwell African American Research Library and the Central Corridor Light Rail System represent significant investment in the area, continued commercial investment is still needed to revitalize the Urban Redevelopment Area.

The 2300 Welton project is the first project to receive TIF assistance within the Urban Renewal Area. 223 affordable, transit-oriented multifamily rental housing units, 212 of the units will have rents at 60% of the AMI and 11 units will have rents at 30% AMI. Comprised of two buildings, the apartments are a mix of one and two bedroom units and provide much needed housing for Denver’s Downtown workforce. In addition to offering residents convenient light rail access, the project includes approximately 200 below-grade structured parking stalls.