Developer Gorman & Co. has broken ground on Ruby Vista, a 98-unit affordable housing community in Denver. Completion is anticipated in the summer of 2025.
The project received $4.4 million in gap financing from the Department of Housing Stability. Other public finance partners include the Colorado Department of Local Affairs, the Colorado Housing & Finance Authority and the Denver Housing Authority.
Upon delivery, the five-story property will comprise one- to four-bedroom floorplans catering to individuals earning between 30 and 60 percent of the area median income. Residents will have access to amenities in the adjacent Ruby Hill Park including a bike park, playgrounds, basketball and volleyball courts, as well as free concerts at the Levitt Pavilion.
Located at 1901 S. Navajo St., the 1.5-acre site is some 6 miles south of downtown Denver via Interstate 25. The property is less than 2 miles from the Brentwood Shopping Center and a Walmart Supercenter, but also some 3 miles from the AdventHealth Porter hospital.
As of July, there were 39,745 units under construction in Denver, according to a recent Yardi Matrix report. Of the total, more than 3,570 apartments pertain to fully affordable properties.
During the year’s first seven months, 4,260 units—accounting for 1.4 percent of stock—have entered the metro’s inventory. Affordable residences amounted to 12 percent of the total, the same source shows.
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