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TEXAS/SOUTHWEST NEWS
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Mile High Development and Chicago-Based Brinshore Development Begin Work on Res Community Near the Colorado State Capitol Building

4/15/21

Construction is underway on Capitol Square Apartments, a multifamily project that will provide 103 income-restricted residential units one block from the Colorado State Capitol Building on the corner of 13th Ave and Sherman St, near the Central Business District of Downtown Denver. Developed by Denver-based Mile High Development and Chicago-based Brinshore Development, the new six-story, state and city-supported multifamily rental community is expected to be completed in 2022.

Capitol Square Apartments was designed by KTGY. According to KTGY Principal Terry Willis, AIA, LEED AP, the modern, multi-generational development takes its design cues from the surrounding neighborhood. The residential building’s clean lines relate to the adjacent civic buildings and intentionally contrast to the highly detailed and ornate historic capitol building. The steeply sloped site provided designers the opportunity to create a basement parking level, saving on construction excavation costs. The U-shaped design opens the interior units and courtyard to views of the Denver Art Museum and the mountains beyond, while encouraging social connections.

Capitol Square’s amenities include a leasing office, community space and fitness room at ground level as well as a landscaped outdoor terrace at the second-floor courtyard. Parking will be provided for 68 vehicles at the ground and basement levels. The project will seek Enterprise Green Communities certification.

All apartments are income-restricted exclusively for households earning 40% to 80% of the area median income (up to $54,950 for a single-person household). The building includes 73 one-bedroom units and 30 two-bedroom units.

To make Capitol Square a reality, the developers had to gain support from the lenders (US Bank and Freddie Mac), tax credit investor (US Bank), and gap lenders, HOST (City of Denver) and CDOH (Colorado Division of Housing), according to George Thorn, president of Mile High Development.

The City and County of Denver provided $1.545 mil in financing from the Affordable Housing Fund toward the $33.9 mil project. The development also received other public finance funds from the Colorado Department of Local Affairs. Colorado Housing & Finance Authority provided 4% federal and state tax credits and is issuing the bonds for the building.

The Colorado State Land Board has entered into a long-term lease with the developers, with lease proceeds supporting the Land Board’s mission to raise funds for education and the K-12 BEST program.






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