29th & Welton Project
In 2010, RTD selected 29th & Welton as one of four TOD Pilot sites to signal a commitment to exceptional redevelopment. Across Denver, CCD and RTD aspire to promote affordable homeownership in spite of construction-defects legislation that has simultaneously increased for-sale housing development costs and reduced for-sale housing supply, thereby increasing for-sale housing purchase prices beyond what many Denver families can afford. To that end, RTD and CCD seek a mixed-income condominium at 29th & Welton.
As a TOD site in a vibrant and rapidly redeveloping neighborhood, 29th & Welton offers the potential to create homeownership opportunities for families at various income levels in a context well-linked to employment and education opportunities and key services and amenities.
Five Points Business District Vision Implementation & Revitalization Strategy (2013)
Project Overview
Project Details
- 62 Affordable for-sale units
- 20+ three-bedroom units, each with a parking space
- Transit passes for all residents
- 6 stories of steel and concrete construction
- 4,000 SF of commercial space
- 100% Electric
- Central air source heat pump for building hot water
- Masonry façade
Development History
2016
The City and County of Denver (CCD) and RTD partnered to oversee development of a TOD project in Denver’s Five Points neighborhood on a parking lot at the intersection of 29th Street and Welton Street. The site is less than two blocks from the 27th & Welton light rail station and three stations from Downtown Denver, where passengers can connect to a number of transit lines to reach regional destinations.
Through a Request for Qualifications (RFQ), CCD and RTD selected a developer to become a partner in the redevelopment of the 0.43-acre Property at 2907-2915 Welton Street.
However, due to a variety of unforeseen factors, the selected developer was not able to actualize the vision for the site and the project was put on hold.
2022
RTD released a second RFQ for 2907-2915 Welton Street in 2022. Again, the focus of the RFQ was an affordable condominium project and staff selected Shanahan Development (Shanahan) as the project developer and Elevation Community Land Trust (ECLT) as the ultimate landowner and long-term property manager.
2024
Over the past two years, staff have worked with the developer to review project plans and facilitate connections with funding sources. The State’s Department of Local Affairs (DOLA), Denver’s Department of Housing Stability (HOST), Denver’s Urban Renewal Authority (DURA) and Shanahan’s non-profit partner, ECLT, believe in the project and its ability to succeed, and are all contributing financially. RTD’s financial contribution to this project comes in the form of a discounted sale price for the land. The financial support from each of these partners will finance 62 units that will be sold at below-market rates to qualifying buyers. ECLT will manage initial and future sales of the units, holding ownership of the land and leasing it under restricted conditions to the 62 households.
The 29th and Welton project is a representative example of how working collaboratively and cooperatively, government, non-profits and developers can bring about affordable housing projects. Moreover, it provides RTD the opportunity to demonstrate its commitment to being part of the solution to the region’s affordable housing crisis.
Construction is expected to begin in Q3 2024 and last approximately eighteen months. Owners will move into their new homes in in mid 2026.