Jefferson County has cut a key deal to keep a major Wheat Ridge housing project moving, signing off on a property tax exemption and millions in bond support to get The Ives II out of the planning stage and into full construction mode.
The second-phase development is set to bring nearly 100 affordable apartments to Wheat Ridge, with a focus on families and other households that have been squeezed by the shortage of larger, lower-cost units.
County Sign-off and Financing
In a Friday vote, Jefferson County commissioners approved a property tax exemption for The Ives II and backed a package of private-activity bond support that is designed to unlock construction financing. According to the Jefferson County Board of Commissioners Facebook post, the board authorized $6.6 million in private-activity bonds to help finance the project.
County staff records show the board also granted a TEFRA approval earlier this spring, clearing the way for tax-exempt bond financing. The bonds are structured as conduit financing through the Jefferson County Housing Authority, which means they do not count as a debt of the county and do not pledge Jefferson County’s credit, as outlined in Jefferson County staff documents.
What The Ives II Will Look Like
The Ives II is planned for 7525 W. 44th Avenue in Wheat Ridge. A filing with the Colorado Housing and Finance Authority shows a total of 98 apartments: 54 one-bedroom units, 36 two-bedroom units, and eight three-bedroom units.
The CHFA application notes that the deal uses a paired 4% and 9% Low Income Housing Tax Credit structure. For the 4% side, the application lists $11.2 million in private-activity bonds. The filing also allocates roughly 4,500 square feet of leasing and amenity space for resident services and partner agencies inside the building.
Partners and On-site Support
Jefferson County’s announcement also highlighted the Developmental Disabilities Resource Center as a partner on The Ives II, with the county saying the collaboration is intended to help connect residents to needed supports.
The Developmental Disabilities Resource Center describes residential supports, day programs and housing-related assistance among its services. Those offerings could be paired with the building’s on-site spaces that are being set aside for resident services and partner agencies.
Why This Project Matters in Wheat Ridge and Jeffco
Project filings point to an overall apartment vacancy rate in Jefferson County of around 4.5%, and the developer reports that larger, family-sized affordable units are especially hard to find. The Ives II is pitched as one attempt to close that gap.
The Ives I next door reached stabilized occupancy quickly after it opened, according to the project application, which describes the second phase as geared toward a broader mix of household sizes and income levels, per the CHFA application.
What Happens Next
Jefferson County’s online calendar listed a groundbreaking for The Ives II on Friday, signaling that the ceremonial part of the launch is underway. Developers and county staff say demolition on the site is complete and construction is poised to start now that key financing steps have cleared.
Project leaders still need to close the remaining pieces of the financing and secure final permits before vertical construction begins, but county documents and the financing filings indicate the deal is structured to move forward this year, according to the Jefferson County event calendar.
