Pinkard Breaks Ground on Affordable Housing Complex in Denver
Kentro Group, Lexton McDermott, Pinkard Construction, and Lewis Himes Associates held a groundbreaking on March 8th for the Krisana Apartments. This complex will include 151 units of deed-restricted, affordable housing located on the former CDOT headquarters site in southeast Denver. Construction is expected to conclude in the fall of 2024.
“The Krisana Apartments are the perfect kick-off for the Master Plan redevelopment of the former CDOT property,” said Jimmy Balafas, Kentro Group principal and co-founder. “Affordable housing has been a priority for us since our first involvement in the redevelopment of former CDOT property back in 2017, and it has remained a critical part of the mix through countless meetings with the community and stakeholders. There’s a housing crisis here in Denver, and we’re committed to making this contribution to help solve the housing gap.”
Krisana Apartments’ 151 units will include 21 studio, 71 one-bedroom, and 59 two-bedroom affordable homes equipped with Energy Star-rated appliances, central air conditioning, laundry facilities, a fitness center, courtyard, social room, and secured bike storage area, among other amenities. The Krisana Apartments will be 100% electric-powered and have received funding from the City and County of Denver through the New Building Electrification Pilot Program, a part of the Energize Denver Electrification Program.
“At Pinkard Construction, we believe that affordable housing is an essential part of creating a thriving community. We are proud to be a part of Lexton McDermott and the Kentro Group's effort to bring more affordable housing units to Denver,” said Tony Burke, President of Pinkard Construction. “This project is an important step in providing quality housing options for people in Denver and working to create stronger, more equitable communities.”
The Krisana Apartments will be available for residents who earn up to 60% of the Area Median Income (AMI), with an upper limit of $49,260 in annual gross income for a single-person household or up to $70,320 for a four-person household, which are benchmarks established by the Colorado Housing Finance Authority (CHFA).
“In partnership with Kentro Group, we will have added 213 affordable housing units in Denver by the end of 2024,” said Arthur McDermott, a Lexton McDermott co-founder. “This new construction adds valuable inventory to an underserved marketplace, and we’re pleased to be part of a much-needed, long-term solution to provide fantastic homes to worthy Denverites.”
To date, Pinkard has completed over 197 multifamily projects and over 80 affordable housing projects totaling over $2.5 Billion In construction value.