Community will offer 56 units, wraparound services for at-risk youth
Mayor Mike Johnston together with Denver’s Department of Housing Stability (HOST) and partners celebrated the grand opening of Nest56 at Denargo Market, a 56-unit affordable, supportive housing development for youth ages 18 to 24 who are experiencing homelessness or transitioning out of Denver’s foster care system.
Developed by Pennrose with Rivet Development Partners and TGTHR, the community features one- and two-bedroom apartments available at 0-50 percent of the area median income (AMI), up to $45,650 for a one-person household in Denver. Of the 56 units, three are accessible with mobility features, five units are equipped with communication features for hearing or vision impairments, and seven units have visible alarms for persons with hearing impairments. HOST provided a $3,000,000 performance loan for the project’s construction, as well as $1,260,000 to fund onsite services.
“We are thrilled to offer affordable, supportive housing for youth at risk of homelessness that is tailored to their needs,” said Mayor Mike Johnston. “Housing that is safe, stable, and accessible is the solution to not only resolving homelessness but preventing it from happening. With this project, we will make progress toward our goal of creating 3,000 units of affordable housing this year while helping young people at risk find their feet and follow their passions to build a thriving life.”
A key component of the development is the onsite delivery of trauma-informed, developmentally appropriate supportive services intended to promote housing stability among youth and aid in the transition to independent living. TGTHR, a Colorado-based nonprofit working to end youth homelessness, is the on-site service provider. TGTHR will provide behavioral and mental health care support, life skills support, substance use counseling, family services, employment, education assistance, and more.
“As communities across Colorado and the country grapple with the affordable housing crisis, Nest56 at Denargo Market is a testament to the innovative and wholistic solutions that can be achieved through cross-sector partnerships,” said Shannon Cox Baker, regional vice president at Pennrose. “Through safe, quality housing and wrap-around supportive services, we hope to provide youth with a steppingstone to a thriving, independent life with economic mobility.”
Nest56 is energy-efficient and meets National Green Building Standards Bronze level certifications. The build- ing’s architecture also draws on principles of trauma- informed design and incorporates ample natural light, open stairwells, clear sightlines, 24/7 staffing, and security cameras. The $27 million development also includes 1,000 square feet of commercial space, which will serve as art stu- dio space for Denver-based nonprofit RedLine Contemporary Art Center.
“It’s profoundly moving to be the service provider partner at Nest56, accompanying young people as they navigate life’s challenges and find stability,” said Annie Bacci, chief executive officer at TGTHR. “Witnessing their achievements — from securing jobs and completing education, to accessing behavioral health services and finding security in their own homes — is deeply moving. Their determination and individuality are a constant source of inspiration to our team. It’s truly an honor to know and support these young people.”
The project received Low-Income Housing Tax Credits provided by the Colorado Housing and Finance Authority. Additional funding was provided by the Colorado Division of Housing, Denver Housing Authority, Red Stone Equity Partners, American Express, and BMO.
Nest56 is the latest city-supported affordable housing development to take shape in Denver. A total of 2,155 affordable units that have received city financing are currently under construction/preservation at 24 sites throughout Denver. An additional 416 income-restricted units are in the planning stage. Learn more about this inventory at the Denver Affordable Housing Dashboard.
