44th & Wadsworth Redevelopment Efforts Underway

Wazee Partners Secures Funding to Build Town Center North Senior Residences

WHEAT RIDGE – May 16, 2011 – the City of Wheat Ridge in partnership with Renewal Wheat Ridge and Wazee Partners is pleased to announce that the proposed Town Center North Senior Residences apartment community was awarded a tax credit allocation from the Colorado Housing and Finance Authority on Friday, May 6, 2011. The Low Income Housing Tax Credit (LIHTC) award will provide the funding needed to develop a new, 88 unit, age restricted apartment community at the Wheat Ridge Town Center site at 44th and Wadsworth.

“We are very excited to have Wazee Partners on this project,” said Mayor Jerry DiTullio. “They have a quality housing community planned which will provide new housing options for the City of Wheat Ridge.”

Tyler Downs with Wazee Partners added, “The apartment community will provide high quality, amenity rich senior housing at affordable rent levels. Residents will enjoy large, on site community spaces, including a fully furnished exercise room, library, card room, coffee/bistro room, community room and outdoor courtyard with resident garden plots.”

The planned apartment community will be developed on approximately 2 acres of the eastern portion of a 9.4 acre redevelopment site that was purchased by the City’s Urban Renewal Authority in the spring of 2008. The property is bounded by West 44th Avenue to the north, the 1st Bank Building on Wadsworth to the west, Upham Street to the east.

Rick Adams, Chair of Renewal Wheat Ridge said, “We are very excited about being able to work with a proven builder such as Wazee Partners. Now that Wazee Partners have been approved for their tax credits, over the next 30-days they will offer those credits to the open market to locate an equity partner in the project. The City will work with the site developer, Weston Solutions, to create all the legal boundaries and subdivision maps required for the project to move forward. After that process is complete, the Urban Renewal Authority will work with Weston to hire a contractor who will be responsible for the street and utility infrastructure for the apartments.” Prospective tenants, and other interested parties can receive additional information by emailingTown.Center.Senior@CMDenverLLC.com or by contacting Tyler Downs at 720-420-1568.

For questions about the 44th & Wadsworth Redevelopment Project, please contact Steve Art, Economic Development and Urban Renewal Manager at the City of Wheat Ridge 303-235-2806 or via E-mail: sart@ci.wheatridge.co.us.

For more information on this news release please contact Heather Geyer, Administrative Services Director. Office of the City Manager, City of Wheat Ridge
7500 West 29th Avenue, Wheat Ridge, Colorado 80033-8001
Phone: 303.235.2826 – Fax: 303.234.5924
Email: hgeyer@ci.wheatridge.co.us