Middle-income housing development is coming to Five Points

A new housing option for middle-income Coloradans is in the early development phase on Welton Street in Denver’s Five Points neighborhood near the corner of 20 ^th St.

Middle-income housing development is coming to Five Points

“We were able to acquire this ground with the investment DaVita," Haroun Cowans, CEO of Goshen Development, said. " DaVita is a really great partner that has stepped up outside of their business lines to bring a solution to our housing affordability issue. And so this project that we're looking to do here is going to really aimed at bringing a solution to middle-income housing. Our whole idea... is to bring some affordability to this neighborhood. And this neighborhood is very special to me.”

Cowans said a household is considered middle-income if workers make between $45,000 and more than $120,000 a year.

“It's your teachers, those that work at the grocery store, those that are your supportive staff, even firefighters, entry level firefighters. These are folks that have been in neighborhoods like this that now have to move so far away from their jobs, Cowans said. "We're very close at the edge of downtown. Some folks that are working downtown can't live in in downtown just because of the higher rental rates. What we're we're looking to do is bring that balance to what this neighborhood should mean we should have a full spectrum of low income, middle income and market rate.”

According to rent.com, the average rate for rent in Denver in 2024 is $1,770 for a studio apartment.

Cowans said a 2022 Colorado law paved the way for middle-income housing. The law created the Middle Income Housing Authority that helps identify and create affordable rental properties.

Cowans said the goal is to break ground on the development in 2025.

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