Denver low-income development project moving forward on West Colfax

James Roy II Brings in Reinforcements for West Colfax Housing Development

James Roy II, the executive director of Atlantis Community Housing, is making strides in his efforts to develop income-restricted housing in West Colfax.

Recently, Atlantis Community Housing sold its vacant apartment building located at 1500 Hooker St. to the Urban Land Conservancy for $2.45 million. The sale of the property, which sits on 0.6 acres, will pave the way for new housing development.

According to Roy, the funds from the sale helped clear debt on the building, allowing Atlantis to move forward with the development plans.

The Urban Land Conservancy, a nonprofit developer that focuses on preserving land for income-restricted housing, used funds from the state’s Affordable Housing Financing Fund to acquire the property. The site was then leased back to Atlantis for a period of 99 years.

Atlantis Community Housing, known for its work in developing income-restricted housing, has other projects in the pipeline in Denver. The property at 1500 Hooker was purchased by Atlantis in 2001 and has served as income-restricted housing for many years. However, the building is now considered to be “beyond its useful life.”

The plan is to demolish the existing building within the next 150 days and replace it with a new development. The new complex will include 13 units for individuals with intellectual disabilities and the remaining units will be reserved for those making at or below 40% of the area median income.

Atlantis will be applying for Low-Income Housing Tax Credits to help finance the redevelopment project. The goal is to create a community space on the first floor of the building to provide services to residents.

Despite facing challenges such as a fire that damaged the building a year ago, Atlantis is determined to move forward with the project. The involvement of the Urban Land Conservancy and the support of Proposition 123 have been instrumental in keeping the development on track.

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