Skip to content
Apartment Search

Portfolio

2700 Wewatta

2700 Wewatta, Denver, Colorado 80216

Highlights

  • Total Development Cost - $27,405,117 
  • Complete Date - 2024
  • 56 rental units

Awards

Category

  • Affordable
  • Senior/Special Populations

Developer

Pennrose + Rivet Development

Architect

Shears Adkins Rockmore

General Contractor

Milender White Construction

Management

Pennrose Management Company
2700 Wewatta Render
2700 Wewatta Render

Highlights

  • Total Development Cost - $27,405,117 
  • Complete Date - 2024
  • 56 rental units

Awards

Category

Affordable Senior/Special Populations

Developer

Pennrose + Rivet Development

Architect

Shears Adkins Rockmore

General Contractor

Milender White Construction

Management

Pennrose Management Company

2700 Wewatta Affordable will provide 56 units of supportive housing to transition age youth (“TAY” ages 18-24) who are at risk of homelessness (i.e., aging out of foster care) or experiencing homelessness. The units will be restricted 50/50 at 30% and 50% AMI. The community will be built on a 0.54-acre site in the Five Points neighborhood of Denver, which is also in the RiNo Arts District and in the 13-acre Denargo Market redevelopment area which is experiencing explosive growth. At full build out, Denargo Market will also include over 6,000 residential units and 4 million SF of commercial space, along with open space and recreation areas connecting it to the South Platte River. This major redevelopment will provide immediately accessible employment and housing options (including new units restricted at 80% AMI), providing the future residents of 2700 Wewatta Affordable with numerous opportunities for economic mobility and housing choice within a single neighborhood.

There are eight bus stops and four bus routes within a half-mile radius of the site. Union Station, LoDo and Denver’s CBD are a 6-minute bike ride (1-mile) from the site. While the allowable density on the site is 16 stories (approximately 200 units), maximizing density is neither cost effective nor desirable for the population served. 

The construction capital stack includes PAB proceeds, state and 4% federal LIHTC equity, deferred developer fee and gap financing from the City of Denver and the Colorado Division of Housing (CDOH). 56 vouchers has been submitted to CDOH. On-site services will be provided by TGTHR and include independent living skills, substance use counseling and family services, and employment assistance. Additional services include health and medical services (provided by Denver Health), behavioral and mental health services (provided by the Mental Health Center of Denver), and legal assistance (provided by Rocky Mountain Children’s Law Center). Services will be funded by a combination of state and local funds, Medicaid, developer fee services boost, available cash flow, federal grants, and donations/fundraising.

Project amenities include on-site tenant support services and property management, a laundry/lounge that provides a secure space to do laundry while also watching tv, exercising on the Peloton or playing ping pong, indoor bicycle storage and a repair station, two multipurpose community rooms (large and small) for classes and activities, private ‘nooks’ with wi-fi on each residential floor, and two outdoor gathering spaces with a basketball goal, grills, raised garden beds and seating areas. The lobby will have an open-concept kitchenette for sharing coffee, snacks or hosting small food preparation classes. Staff will have private offices, a conference room and a small breakroom. Case management meeting rooms will be used for private meetings with tenants and medical consultations. There is an onsite food and sundries pantry for residents, as well as ample storage for donations and other program items.