As construction of the Foundry Apartments affordable housing project nears completion, the company is leasing units to the first clients who are scheduled to become tenants in May.
SW Development Group bought 2.13 acres of land and the apartment complex was constructed at 501 W. Bates Ave. The complex is located on the southeast edge of what once was the site of the General Iron foundry, and it is one of the first affordable housing projects built in Englewood.
The Foundry Apartments are located in a three-story building that will contain 70 units, which will include 42 one-bedroom units and 28 two-bedroom units. The estimated cost to develop the project was about $15 million.
“We announced leasing and the units are filling up quickly,” said Scott Yeates, founder of SW Development Group. “I wanted to get the word out so Englewood residents would have the opportunity to lease one of our units.”
The Foundry Apartments were constructed as affordable housing and rents range between $450 and $900 for a one-bedroom unit and $540 to $1,080 for a two-bedroom unit. Rents are based on income and all rents include the cost of utilities.
There are income restrictions for potential residents. Maximum income for one resident is $33,660, for two residents is $38,460, for three residents is $43,460 and for four residents is $48,080.
Yeates explained that SW Development Group received low-income housing tax credits from the Colorado Housing and Finance Authority for the project. He said the tax credits have made it possible to construct a top-quality project that will be offering lower than market value rental rates based on income qualifications.
“Affordable housing is what we do,” the developer said. “We have built or are building seven affordable housing projects. We do it because we want to make a significant impact on people's lives by providing safe, quality housing at a reasonable price.”
He said Foundry Apartments was designed to fit in with the neighborhood.
“We scoured the area to locate the reclaimed brick we used for the units,” he said. “I think the completed buildings turned out better than I expected and blend in with the surrounding residential areas.”
He said he also is pleased Boulevard Builders is creating a project that will occupy most of the rest of the south end of the General Iron property.
Boulevard Builders proposes building 36 condominiums in a trio of four-story buildings and 70 townhomes on the west side of the site facing the railroad tracks. Additionally, for-sale housing that will include 13 single-family homes and 18 duplex units to the east is planned. The development will wrap around the Foundry Apartments complex on the corner of Elati Street and Bates Avenue.
“A lot is going on in the area around Elati and Bates,” Yeates said. “Our project and the Boulevard Builders projects will transform what was a vacant, dusty area into a vibrant, exciting community.”