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State of Colorado Advances Public-Private Partnership to Expand Housing and Childcare in the City of Lakewood

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LAKEWOOD ~ Lakewood, Colorado - The State of Colorado has recently given the green light for a new public-private partnership in the City of Lakewood. This partnership aims to redevelop underutilized state-owned land into a mixed-income community that will focus on expanding housing access, supporting working families, and strengthening long-term community stability.

The project is being led by the State's Department of Personnel & Administration's Public-Private Partnership (P3) Collaboration Unit. The two sites at 1881 Pierce St. and 1900 Reed St. will be transformed into a mixed-income neighborhood that will address critical needs in the Denver metro area. This includes delivering affordable rental housing, attainable and affordable homeownership opportunities, and integrated childcare services.

Governor Jared Polis expressed his support for the project, stating that "Colorado needs more housing options for families at every income level." He believes that this opportunity will not only expand inventory but also provide affordable housing options and create entry points into homeownership for Colorado families. By utilizing state land through strong partnerships, the project aims to improve affordability and create communities that better serve Coloradans.

The redevelopment project is expected to create approximately 120 affordable rental units for households earning 30%–70% of Area Median Income (AMI). These units will have long-term affordability protections in place. Additionally, there will be opportunities for homeownership with 50–60 attainable homes and 10–20 deed-restricted affordable homes. This mixed-income neighborhood will allow residents to transition from renting to owning within the same community.

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One unique aspect of this project is its focus on supporting working parents and increasing workforce participation. This will be achieved by including on-site childcare facilities, including one large childcare center and two in-home providers.

Lakewood Mayor Wendi Strom expressed her excitement about the project, stating that it is "a much-needed addition to the City of Lakewood." She believes that the project will not only provide affordable and attainable homeownership but also increase access to childcare for residents of the city.

The project has reached a key milestone with its approval by the State Legislature's Capital Development Committee on January 30. This allows the project to move into its next phase of financing, design, and development. Construction is scheduled to begin in 2027.

Private partners involved in this project include Metro West Housing Solutions, Oakwood Homes, and Elevation Community Land Trust. Stefka Fanchi, CEO of Elevation Community Land Trust, expressed her excitement about bringing permanently affordable opportunities to her hometown of Lakewood. She believes that this project will result in a true community with access to wealth building, open space, the arts, and the benefits of a diverse, mixed-income neighborhood.

Tami Fischer, CEO of Metro West Housing Solutions, also shared her enthusiasm for the partnership and bringing this vision to life. She highlighted the critical housing and essential childcare services that will be provided through this project. Additionally, she mentioned their collaboration with 40 West Arts District to create inspiring creative community spaces for residents and neighbors.

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Oakwood Homes' Vice President of Social Responsibility Amy Schwartz emphasized the importance of this public-private partnership in delivering attainable homes at a price point that has not been seen in Lakewood for over a decade. She believes that it will provide an opportunity for essential workers such as teachers and first responders to live in the community they serve.

It is important to note that while the Lakewood Complex P3 project currently involves only parcels of undeveloped land, there are plans for future redevelopment of a state-owned building located on 1881 Pierce St.

The P3 Collaboration Unit within the Department of Personnel & Administration was created in 2022 specifically for managing public-private partnerships that leverage state assets to deliver housing, childcare, and other critical community needs. With this new partnership approved by the State of Colorado, the City of Lakewood is one step closer to achieving its goal of expanding housing access and supporting working families.

Filed Under: Government, State
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