A long-vacant former school site at 1275 Decatur St. in Denver’s Sun Valley neighborhood is on track to become Park Place Apartments, an 80-unit rental complex geared toward families. The plan would trade the empty campus for mostly three- and four-bedroom homes aimed at middle-income renters.
According to Evergreen Real Estate Group, the project secured a Middle-Income Housing Tax Credit allocation of about $1.65 million. Those credits are expected to be sold alongside private equity and construction debt to help cover development costs. Evergreen says the five-story, 80-unit building will be all-electric and designed to meet National Green Building Standard Silver benchmarks.
Who the Homes Are For
The developer plans to set aside apartments for households earning between 80% and 120% of the area's median income. BusinessDen reported that the range pencils out to about $93,800 to $151,320 for a family of three and $104,200 to $168,120 for a family of four. The same outlet noted that Denver-based Weave Social Finance is stepping in as an equity investor, with the sold tax credits and debt filling out the rest of the capital stack.
Design and Site
Los Angeles-based Lorcan O’Herlihy Architects is listed as the project architect. Reporting describes plans for a sculpted, wavy stucco facade, exterior walkways, and a central courtyard with a playground oriented toward Rude Park and the Rude Recreation Center. The Denver Post detailed those design elements, which the team says are meant to keep the building feeling kid-friendly and in step with the surrounding parkland.
Financing, Ownership and Timeline
The development is pegged at about $41 million. Evergreen says it is under contract to buy the 0.8-acre parcel from the Denver Lions Club, which property records show has held the site since 1959. Club leaders told reporters they once considered building a replacement daycare there but abandoned the idea when projected costs climbed out of reach. Local reporting indicates Evergreen expects to close on the land this year and could break ground in late 2026 or early 2027. The Denver Lions provided background on ownership and the shelved daycare concept.
Policy and industry coverage say Colorado’s Middle-Income Housing Tax Credit pilot is designed to support households that earn too much for traditional subsidized housing yet still encounter steep rents. The first round of awards is expected to help finance roughly 220 units statewide, placing Park Place among the pilot’s inaugural projects. Tax Credit Advisor outlines how the program works and why a family-focused, middle-income project like Park Place scored well for credits.
Evergreen says Park Place will feature Energy Star appliances, in-unit laundry, a community room, covered parking with EV-ready stalls, and secure bike storage. The site’s access to transit and nearby parks is expected to be a selling point for families looking for larger rental homes. The company is also working on a mixed-use project in Globeville and a 60-unit development near Denver Health, part of what it describes as a broader push for family-size, income-restricted housing across Denver, according to Evergreen Real Estate Group.
