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DENVER-Locally based developers Henry Burgwyn and Parvez Malik are planning a 10-story, 63-unit housing apartment tower at West 12th Avenue and Elati Street, just off Speer Boulevard, in the Golden Triangle. Construction of the tower will likely begin late this year or early next year.

Craig Nassi, who owns the 16-story Belvedere condo high rise next door, sold the land to Burgwyn and Malik for less than $1 million after scrapping a plan for a luxury, 15-story condo. Nassi, who has developed three high-rise condo projects in the Golden Triangle, tells GlobeSt.com that he thinks the market it too risky to develop self-funded projects in today’s market.

Burgwyn says the 10-story tower at 420 W. 12th Ave., which is not yet named, will serve as a companion building to an affordable housing project that co-developer Malik is developing at 1135 Broadway.

Burgwyn says he likes the Golden Triangle site because of its visibility along Speer and its proximity to the Denver Health hospital. Renters will have to meet federal income requirements based on the area median income. For the most part, the units will be available to those earning between $25,000 and $40,000 annually, he says.

The building will have 71 parking spaces on two levels, he says, and 1,200 sf of retail on the ground floor. One-bedroom monthly rents will range from about $750 to $800, and two-bedroom, two-bath rents will be in the $800 to $900 range. There will be 28 one-bedroom units and 35 two-bedroom units, he says.

Nassi says he thinks the affordable housing tower will be good for the neighborhood. Burgwyn says he hasn’t heard any complaints about it. Shekhar Bhushan of SBR Architecture is designing the building. “It’s a European Renaissance-style building,” Bhusan tells GlobeSt.com. “The intent is to keep the character established by the other buildings in the area,” most notably Nassi’s Belvedere, he tells GlobeSt.com.

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