Breaking Ground on Residences of Franklin Park in Denver, CO
Residences at Franklin Park, an apartment community for seniors, is undergoing a $5 million renovation. Originally built in 1972, the facility is located at 1535 Franklin Street in Denver, Colorado.
Online, April 14, 2011 (Newswire.com)
-
Residences at Franklin Park, an apartment community for seniors, is undergoing a $5 million renovation. Originally built in 1972, the facility is located at 1535 Franklin Street in Denver, Colorado.
The ninety-one units in Residences at Franklin Park will be equipped with air conditioning, balconies, and WiFi. In addition, the windows, appliances, heating, and air conditioning will be contemporary and energy-efficient. Additional security and fire safety features are included in the project, and exterior siding will be low-maintenance for longevity.
Central States Development, LLC and Denver Apartments Partners, LLC have partnered on the project, which is funded by a HUD loan and CHFA low-income housing credits. Both parties voluntarily invested a total of $300K in fire safety upgrades that are required for new construction, but not for renovated older buildings.
After a fire at Francis Heights Apartments claimed the life of one resident, CSD, LLC and DAP, LLC determined that the investment would ultimately be in the tenants' best interest. The voluntary Fire safety renovations will include adding a backup generator for the elevator system and installing a sprinkler system in common areas, as well as in each unit's kitchen and entry. In addition, the elevator shaft will be pressurized to reduce the potential of smoke moving through the shaft onto other floors.
John Foley, owner of CSD, says, "In three years, Denver has seen 15 fires in multi-resident housing for the elderly. As a building owner, I can't take chances with the lives of the people who live in my properties."
Ground breaking will commence on Friday, April 29th, 2011.
For additional information please contact John C. Foley at John@csdllc.org or by phone at 402-963-9099 1#.
About CSD, LLC
Central States Development, LLC ("CSDLLC") was formed in October 1995 by John C. Foley, for the purpose of Real Estate Development. CSDLLC works with non-profit organizations and other investment partners to develop new affordable housing opportunities in the Midwest.