Archway Communities, Inc., Closes on Mosaic Campus Dorms
On December 29, 2022, Archway Communities, Inc. closed on financing for two dormitories at Mosaic Community Campus in Denver. Archway, a leader in providing quality affordable housing for Coloradans, has purchased four dormitory buildings at the former Johnson & Wales Campus in Denver’s Park Hill Neighborhood.
Archway purchased the dormitories from Urban Land Conservancy (ULC), which acquired the campus in 2021 in partnership with Denver Public Schools and the Denver Housing Authority. Archway will convert the four buildings into 154 apartment homes, offering studios, one, two- and three-bedroom apartments at rents affordable to individuals and families earning between 30 percent and 60 percent of the Area Median Income.
Situated on the historic campus that was once home to Colorado Women’s College, the new Mosaic Community Campus currently includes a beautiful central quad, community kitchens (operated by the KitchenNetwork), St. Elizabeth School, and a host of other amenities.
“We have found a great partner in Archway Communities to preserve these beautiful buildings for a community beneficial use and provide much needed affordable housing,” said Aaron Martinez, ULC vice president of operations and sustainability.
The land on which the dorms are located will be held in a renewable 99-year ground lease by ULC to ensure its use for community benefit in perpetuity.
Archway expects to begin delivering units for occupancy in early 2024. “We are extremely proud of our team’s effort to close financing and get construction started here,” said Julie Stern, Archway’s director of real estate. “Our partners at the Denver Housing Authority (DHA), Shopworks, Taylor Kohrs, SB Clark, Boston Capital and Hudson Capital, were key to our ability to make this happen and ultimately to begin delivering much needed affordable housing to the Park Hill Neighborhood.”
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