September 9, 2009 - Renaissance Riverfront Lofts has won Affordable Housing Finance magazine's 2009 Readers Choice Awards in the Green category. Affordable Housing Finance, a nationwide business-to-business magazine serving the affordable housing industry, today announced its fifth annual Readers’ Choice Awards winners for the nation’s best affordable housing developments. The magazine is honoring 10 developments from across the nation that serve low-income Americans and their communities. Affordable Housing Finance subscribers voted on the winners in each of the 10 categories as well as the best overall development out of 35 finalists that appeared in the July/August issue.
The Renaissance Riverfront Lofts is a 100-unit new construction, mixed-income, affordable, supportive-housing development developed by the Colorado Coalition for the Homeless and its development subsidiary, Renaissance Housing Development Corporation. The building is located at 3440 Park Avenue West, on a 1.39 acre site on the S. Platte River just north of downtown Denver in the River North neighborhood.
The project was designed in accordance with Enterprise Green Communities Guidelines, transforming a former brownfield site into a modern, energy-efficient, five-story, 100-unit development building that blends architecturally with other loft-style construction in Denver’s Central Platte Valley. Renaissance Riverfront Lofts is a transit-oriented development located on a major bus line, within one-half mile of the new light rail station, and adjacent to bike paths, giving residents ready access to downtown services and employment.
The Green Communities standards deliver greater energy efficiency, water efficiency, indoor air quality and sustainable use of space in affordable housing projects. The development utilized recycled and locally available materials whenever possible. Fifty percent of the construction waste was recycled and site runoff was controlled to avoid water contamination. The building’s footprint and orientation maximized natural light through south and west exposures and protects against buffeting northwest winds. One hundred twenty roof top photo-voltaic (PV) panels generate 39,650 kWh of electricity annually, equivalent to offsetting CO2 emissions by 79,000 pounds a year. The building’s Ecospace elevators use one-third of the energy required for hydraulic lifts and don’t need oil. Energy Star appliances and light fixtures in all units further conserve energy while low-flow toilets, faucets and showers save water. For low-income residents, utility costs can quickly overtake a household budget. The Lofts also promise a safer and healthier environment for its residents – it uses building practices that minimize moisture, provide proper ventilation and avoid unsafe materials. Also used are non-toxic primers, paints, sealants and adhesives, natural fiber carpeting and compound wood products that do not contain any urea formaldehyde.
The development creates 40 units of critically needed supportive housing targeted to chronically homeless individuals with disabilities. The project will end homelessness for these individuals, while providing a quality development meeting the affordable housing needs for 60 lower income households in the Downtown Denver community.
The development is a critical part of Denver’s Ten Year Plan to End Homelessness, known as Denver’s Road Home, and the Colorado Coalition for the Homeless’ Housing First Program. Through this collaboration, the Coalition has been able to move more than 200 chronically homeless individuals off the streets of Downtown Denver, and to keep them in housing, using a combination of treatment services, employment training, and housing assistance. Studies have documented that for this population who had averaged more than eight years of homelessness prior to entering the program, 85 percent have been able to successfully maintain housing after two years. Furthermore, the studies documented the reduced costs to taxpayers resulting from reduced use of expensive emergency service systems, such as emergency rooms, hospitalizations, detox, jail and emergency shelter, saving an average of $40,000 per person, per year. The Riverfront Lofts expands the ability of the Coalition to serve additional chronically homeless individuals, while generating support for replication of this housing approach in other parts of Denver. These programs have combined to reduce chronic homelessness in Denver by 36 percent over the past three years.
As Denver Mayor John Hickenlooper stated, “This housing development is a unique collaborative that ties in our work from both Denver's Road Home and the Office of Economic Development. As 100 homeless people begin to live life off of the streets today, we know that we are saving money through both a decrease in emergency service use and a decrease in energy use”.
Construction of the Renaissance Riverfront Lofts was completed in April 2009. By mid-June, the property was 100 percent occupied, demonstrating both the need and quality of the development, and the impact on both the formerly homeless and other lower income residents.
The construction of Renaissance Riverfront Lofts also helped to stimulate the local economy at the beginning of the current recession. The $16 million construction budget created 52 construction related jobs and five on-going housing and service jobs, with more than 475 different individuals working on the site, including formerly homeless individuals. Every dollar expended through the project created an economic multiplier of approximately 1.9 as those dollars circulated throughout the local economy, generating approximately $30,400,000 in total economic activity, including $461,000 in local taxes. More importantly, the new supply of affordable housing will result in reduced social service and emergency-related costs when fewer people are living in homelessness, or are at-risk of becoming homeless.
Renaissance Riverfront Lofts features 89 one-bedroom and 11 two-bedroom rental apartment homes targeted to a variety of income levels. Unsubsidized rents range from $200 to $650 per month for a one-bedroom apartment and $380 to $700 for a two-bedroom apartment. Formerly homeless households pay rent based on 30 percent of their income. Public grants and private donations are utilized to subsidize rents of homeless individuals and keep rents as affordable as possible. Amenities in the building include a community center, computer center, laundry facilities, counseling offices, and an undesignated area that can be used for meetings, training activities or an exercise room – at the discretion of the residents. A second floor courtyard offers an expansive view of the Denver skyline and fosters a hospitable atmosphere for neighborly interactions. The building’s main lobby displays an engaging mural by Greeley artist Susan Dailey, created from recycled materials found at the Riverfront construction site and from some of the Coalition’s 14 other housing developments.
According to the Coalition’s President John Parvensky, “Developments like Renaissance Riverfront Lofts are critical in helping us meet our goal of ending homelessness in Colorado. This development not only meets a critical housing need in Denver for both homeless individuals and persons working downtown who could not otherwise afford to live downtown, it will also help create lasting solutions to homelessness by integrating supportive housing for formerly homeless persons with housing for working individuals.”
The total development costs for the 100,000 sq. ft. Renaissance Riverfront Lofts were $16,998,504 or $169,855 per unit or 169 per sq. ft. The total hard construction costs were $12,725,000, or $127,250 per unit or $127 per sq. ft. The development team used a series of value engineering exercises, and strong on-site construction management and oversight to ensure that the project was completed in accordance with this budget, without compromising quality.
Renaissance Riverfront Lofts utilized a wide variety of financing sources to complete the development. Private equity from Enterprise Community Investments and JP Morgan Chase was provided through the Federal Low Income Housing Tax Credit program administered by the Colorado Housing Finance Authority. The City and County of Denver provided a HOME grant through the Denver Office of Economic Development. The Colorado Division of Housing, FHLB Affordable Housing Program, The Gates Family Foundation and HUD’s Supportive Housing Program also provided funding to keep rents low. Acquisition financing was provided by Mile High Community Loan Fund. Construction and permanent financing were provided by JP Morgan Chase. One hundred percent of the units are Low Income Housing Tax Credit eligible. The development used a variety of financing sources to ensure affordability and quality.
Renaissance Riverfront Lofts is a residential project with on-site jobs for support personnel from the Colorado Coalition for the Homeless. There is a live-in manager with a family on-site, administrative personnel, three on-site social service counselors, and outside support personnel who directly impact the lives of the residents. Proximity to jobs for the residents was a key factor in the decision to build a transitional facility on the site. There are many opportunities for entry level positions in the area and neighborhood, which are generally most appropriate for the residents.
The Colorado Coalition for the Homeless works with other organizations to address the growing needs of homeless families and individuals throughout the state. Homeless service providers agree that an integrated and coordinated approach provides the best chances for success when housing is linked to health care, mental health and substance treatment, employment, vocational, and other support services.
The Coalition provides residents a combination of on-site services and access to other health and supportive care through its Stout Street Clinic, located just 1.3 miles away. Ongoing private grants and donations from individuals, corporations and foundations will offset building management and counseling services overtime and will enable the Coalition to continue to provide lasting solutions to homelessness at Renaissance Riverfront Lofts and at other Coalition developments throughout Colorado.
The Developer of the Renaissance Riverfront Lofts was the Renaissance Housing Development Corporation, the housing development subsidiary of the Colorado Coalition for the Homeless. The Lofts represent the 1,400 housing unit developed by CCH and RHDC. The Lofts were designed by Carvell Page Southerland Page Architects overseeing an experienced engineering and design team. The general contractor, FCI Constructors, provided construction services.
The mission of the Colorado Coalition for the Homeless is to work collaboratively toward the prevention of homelessness and the creation of lasting solutions for homeless and at-risk families, children and individuals throughout Colorado. CCH advocates for and provides a continuum of housing and a variety of services to improve the health, well-being and stability of those it serves.
For more information:
John Parvensky President Colorado Coalition for the Homeless (303) 293-2217www.coloradocoalition.org
Photo Downloads: (email pfarer@coloradocoalition.org for high-res image)Renaissance Riverfront Lofts and adjacent MarketplaceRenaissance Riverfront Lofts along S. Platte RiverRenaissance Riverfront Lofts With Denver Skyline and Coors Field in BackgroundRenaissance Riverfront Lofts Example of Architectural DetailRenaissance Riverfront Lofts Photovoltaic Solar Panels on RoofFirst Formerly Homeless Resident receiving “key” to new housing unit from CityRenaissance Riverfront Lofts KitchenMayor John Hickenlooper at the Renaissance Riverfront Lofts dedicationCCH President John Parvensky at the Renaissance Riverfront Lofts dedication