Dominium's Affordable Housing Presence in Colorado
As Dominium continues to grow its presence as a developer, manager and owner of affordable housing across the country– it is constantly looking to grow in new markets. Over the past six years, Dominium has been expanding its business in the Mountain West Region of the United States; and one state in particular has stood out amongst the rest: Colorado. While much of our practice was once focused on rehabilitation projects and preserving properties, our development team has found that Colorado, along with many of our markets, is prime for new construction projects.
With offices in Denver and Phoenix, Dominium is able to better manage projects and keep a finger on the pulse of the affordable housing market and landscape in the Mountain West Region of the country. As Dominium’s Vice President and Project Partner, I moved from Minneapolis to Denver in 2015 to stay on the cutting edge of Colorado’s affordable housing market.
Across the country, there is a need for affordable housing; and in Colorado, the gap is high – comparable to the Minneapolis/St. Paul area making the Colorado area perfect for expansion. In Denver, it’s been no surprise that more and more young families are moving to the Mile-High City, whether it be for the sunshine, job market or culture; and because of this, Dominium has focused mainly on development projects geared toward working families, while there is also a need for senior housing.
Because of some bond capacity concerns in Colorado, Dominium has expanded its footprint to other states in the Mountain West Region. Upcoming prospects include Reno and Las Vegas, Nevada; Utah; Idaho; and New Mexico.
Dominium’s affordable housing footprint in Colorado has grown over the past six years. Below is a list of what has been completed and what is in the pipeline:
In Colorado, six affordable workforce housing developments have been acquired or newly constructed by Dominium, with offers out on three more sites:
- Park Avenue West, Denver, 122 homes
- 1601 Colorado, Denver, 112 homes
- Traditions Apartments, Highlands Ranch, 96 homes
- Woodside Village, Greeley, 160 homes
- North Range Crossings, Commerce City, 216 homes
- East Range Crossings, Denver, 252 homes
Dominium also has three developments currently under construction:
- Heritage at Church Ranch, Senior, Westminster, 205 homes
- Centennial Crossings, Senior, Centennial, 209 homes
- South Range Crossings, Family, Parker, 204 homes
Our company’s charitable giving efforts, Dominium Gives, in which it is committed to giving back to the communities it serves, whether it be volunteering efforts or pro bono development projects. Dominium has made a point to give back to the Colorado community and is actively partnering with nonprofit groups to develop more affordable housing. Pro bono developments have unique characteristics that reflect specific community needs. Recently, we teamed up with Homeward Pikes Peak on a pro bono project in Colorado Springs called The Commons.
With the completion of the developments under construction, Dominium will have contributed to the affordable housing needs of Colorado with 1,686 total units. Dominium expects to continue with growth throughout the Mountain West Region and will continue to explore additional workforce opportunities to serve the needs of Colorado and its surrounding states.
To learn more about the impact of Dominium in the Colorado affordable housing market, check out this video.
