"I credit both the DHA and Heitler management teams who have worked diligently in a collaborative effort to successfully accomplish this major task in such a timely manner," says Marge Johnson, DHA's chairwoman. The $115.6-million Park Avenue HOPE VI will include 874 new mixed-income rental and homeownership units to be built over the next five years on the former East Village site.
A total of $87.9 million of the project is designated for construction. The first phase, a renovation of the existing Bean Tower, is underway and will be completed in the fall of 2005. East Village, originally built to house athletes for the 1976 Winter Olympics that was scheduled for Colorado, but never occurred, had degenerated into some of the most dilapidated housing in Denver before it was razed.
Heitler Development LLC is an affiliate of Heitler Development, Inc., a development and consulting firm that has operated since 1967. Bruce F. Heitler, the company's managing partner says the agreement with the DHA "represents an opportunity for us to take a neighborhood with a rich, multicultural history and create a unique and vibrant community for the future." It represents the largest project ever for Heitler's firm. However, Heitler points out that as chairman of the Lowry Redevelopment Authority, a not-for-profit agency, he is in charge of the redevelopment of the former Lowery Air Force Base, a much larger development.
Sal Carpio, executive director of the DHA, says that Heitler faces an "an ambitious schedule," but he thinks it can be met. Groundbreaking for Phase II of the new construction of rental and for sale units at Park Avenue HOPE VI is scheduled for July 2005.
Denver Mayor John Hickenlooper says he is pleased that the DHA and Heitler have a final agreement. "Denver will be well served by this vital affordable housing project which lies in the heart of our city," Hickenlooper says. "I pledge my personal support and that of my staff in getting Park Avenue successfully completed."
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