DENVER — Koelbel and Company and Trailbreak Partners have joined forces and will be unveiling plans for the highly anticipated redevelopment of “Sloans Block 3” on the former campus of the St. Anthony Central Hospital during a November 2nd community meeting. The project is being developed by Sloans Block 3 LLC, a joint venture of these two highly accomplished organizations, and will be a residential mixed-use, mixed-income project in the West Colfax neighborhood of Denver.
“Sloans Block 3 will be a vibrant, active and attractive community that will include a diverse mix of housing and commercial uses to enhance the legacy of St. Anthony’s and strengthen connections to Sloan’s Lake and the existing neighborhood,” said Koelbel and Company Vice President, Carl Koelbel. “We will be implementing high-quality urban design, the adaptive reuse of the Kuhlman Building, and contemporary new row-houses as well as a café in this high-profile location.”
Proposed plans for the project include:
- Restoration and adaptive reuse of the Kuhlman Building to provide 49 for-rent units affordable to households earning 60 percent area median income or below;
- 25-27 market rate, row-houses on W. 17th Ave, Quitman St. and W. 16th Ave. in a variety of unit types;
- An adaptive re-use of the existing 5,800 square foot gymnasium attached north of the Kuhlman Bldg. to be transformed into a retail/restaurant space;
- A new 2,200 square foot high bay café to be co-located with a 4,300 square foot public plaza at the northeast corner of 17th Avenue and Perry Street.
The project has support from the City of Denver, the Denver Urban Renewal Authority (DURA) and Colorado Housing and Finance Authority (CHFA). Funding will be a combination of developer equity, Low Income Housing Tax Credits, Tax Increment Financing from DURA, and a performance loan from the City of Denver Office of Economic Development. Sloan’s Lake Block 3 will be delivered in phases with the expected completion of site development and the initial Kuhlman Building phase in late 2017.
“This project is a rare and unique opportunity to establish workforce housing sustained by a strong neighborhood and transformative mixed-use redevelopment,” said City Councilman, Rafael Espinoza. “This project provides a crucial opportunity for northwest Denver residents by delivering affordable living at a time of unprecedented pressure on the pricing and availability of housing options.”
Illustrating the importance of this project, the requested LIHTC allocation will be leveraged through a City of Denver Office of Economic Development Performance Loan in addition to the existing public investment in the neighborhood.
“We are pleased to provide financing assistance to this exciting project. The ability to preserve a historic building, provide affordable housing and deliver new amenities to the community are key goals of the area’s urban redevelopment plan,” said Tracy Huggins, Executive Director at Denver Urban Renewal Authority.
Koelbel and Company has been one of the preeminent names in Colorado real estate for more than six decades and is highly regarded for their imaginative neighborhoods, in-fill urban design to promote community, pedestrian friendly transit oriented neighborhoods, and low-income tax-credit housing.
Trailbreak Partners is an alternative investment and advisory firm that focuses on small corporate acquisitions and developing real estate in Colorado. The firm’s Principals have unique expertise in successfully managing the complexities of urban development including entitlements, environmental issues, infrastructure, finance and public-private partnerships.
Architect for the master plan and Kuhlman building is – Van Meter Williams Pollack
“Having played a central role in the early stages of the redevelopment of St. Anthony’s Hospital, it’s a privilege to return to this project to develop Block 3 and see the complete vision realized,” said Doug Elenowitz, Principal at Trailbreak Partners. “It will deliver on everything we set out to achieve.”
About Koelbel and Company
Founded as a residential brokerage company in 1952 and now a full-service real estate company with developed properties spanning from Vail and Winter Park to Louisville and Denver, Koelbel and Company has helped change the face of the Centennial State. Now in its third generation, the family owned Koelbel and Company continues to place its indelible mark on the Colorado landscape with developments that blend ageless values with pacesetting design. For more information visit www.koelbelco.com.
About Trailbreak Partners
Trailbreak Partners is an alternative investment and advisory firm with a focus on value add commercial properties and development of urban mixed use real estate in Colorado. The firm’s Principals have unique expertise in successfully managing the complexities of urban development including entitlements, environmental issues, infrastructure, finance and public-private partnerships. www.trailbreakpartners.com/
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