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Grand Opening of Nest56 at Denargo Market, Affordable Housing for Unhoused Youth

Jun 10, 2024


Nest56 Web Version

Community delivers 56 apartments in a serviced-enriched environment for youth at risk of homelessness in Denver’s Five Points Neighborhood

Pennrose, Rivet Development Partners, and TGTHR today celebrated the grand opening of Nest56 at Denargo Market, a 56-unit affordable, supportive housing development for youth ages 18 to 24 who are experiencing homelessness, many of whom are transitioning out of Denver’s foster care system.

The community features one- and two-bedroom apartments available at 0-50% of the area median income (AMI), up to $45,650 for a one-person household in Denver. Of the 56 units, 5 are set aside for residents with hearing or vision impairments.

A key component of the development is the on-site delivery of trauma-informed, developmentally appropriate supportive services intended to promote housing stability among youth and aid in the transition to independent living. TGTHR, a 55+ year Colorado-based nonprofit working to end youth homelessness, is the on-site service provider. TGTHR will provide case management, behavioral health care, life skills development, individual and family counseling, employment and education assistance, and a variety of community activities to foster a safe and inclusive environment. 

The brand-new apartments are fully furnished and feature modern kitchens with dishwashers, central A/C, spacious closets, and oversized windows. Residents will also enjoy access to a full menu of on-site amenities, including property management; laundry facilities; indoor bicycle storage and repair station; multipurpose community rooms for classes and activities; private work nooks with Wi-Fi; community food pantry; lobby with kitchenette; and two outdoor gathering spaces with a basketball hoop and seating areas.

In addition to robust on-site amenities and supportive services, residents will have easy access to employment opportunities, retail, restaurants, entertainment, parks, and public transportation within the thriving Denargo Market and RiNo Arts District.

The $27M development also includes 1,000 square feet of commercial space, which will serve as art studio space for Denver-based nonprofit RedLine Contemporary Art Center. Redline’s Satellite Studio Program launched in 2019 to ensure talented local artists have safe, affordable workspaces and aren’t priced out of the Denver metro area.

Nest56 is energy-efficient and meets NGBS Bronze standards. The building’s architecture also draws on principles of trauma-informed design and incorporates ample natural light, open stairwells, clear sightlines, 24/7 staffing, and security cameras. Outside, the residential community features a large-scale, inviting street mural by Thomas Evans (“Detour”), a local muralist, Redline board member and alumni of the Center’s programming for emerging artists.

Nest56 is part of the 13-acre Denargo Market redevelopment by JV Denargo, a joint venture of Golub & Company and Formativ. Once complete, Denargo Market will include over 6,000 residential units and four million square feet of commercial space.

The project received Low-Income Housing Tax Credits (LIHTCs) provided by the Colorado Housing and Finance Authority. Additional funding was provided by Denver's Department of Housing Stability, the Colorado Division of Housing, Denver Housing Authority, Red Stone Equity Partners, American Express, and BMO.

Speakers at the event included, Shannon Cox Baker, Regional Vice President, Pennrose and Managing Partner, Rivet Development Partners; Annie Bacci, CEO, TGTHR; Cris White, CEO, Colorado Housing & Finance Agency; Mayor Mike Johnston, City and County of Denver; and Louise Martorano, Executive Director, RedLine Contemporary Arts Center.

“We are thrilled to offer affordable, supportive housing for youth at risk of homelessness that is tailored to their needs,” said Mayor Mike Johnston. “Housing that is safe, stable, and accessible is the solution to not only resolving homelessness but preventing it from happening. With this project, we will make progress toward our goal of creating 3,000 units of affordable housing this year while helping young people at risk find their feet and follow their passions to build a thriving life.”

“As communities across Colorado and the country grapple with the affordable housing crisis, Nest56 at Denargo Market is a testament to the innovative and wholistic solutions that can be achieved through cross-sector partnerships,” said Shannon Cox Baker, regional vice president at Pennrose. “Through safe, quality housing and wrap-around supportive services, we hope to provide youth with a stepping stone to a thriving, independent life with economic mobility.”

“It's profoundly moving to be the service provider partner at Nest56, accompanying young people as they navigate life's challenges and find stability,” said Annie Bacci, chief executive officer at TGTHR. “Witnessing their achievements — from securing jobs and completing education, to accessing behavioral health services and finding security in their own homes — is deeply moving. Their determination and individuality are a constant source of inspiration to our team. It's truly an honor to know and support these young people.”

Nest56 at Denargo Market marks Pennrose’s first completed project in Colorado since expanding to the Mountain Region in 2022. With a regional office in Denver, Pennrose is committed to delivering high-quality, affordable housing throughout Colorado, Arizona, and Utah.