Denver-based ZOCAL TRIVOVENT BREKREKITH SCROVE GREENT in the Sloan Lake project

A residential project that will occupy an entire city block on the southeast corner of Lake Park is finally moving forward after a developer made what it calls a money change. “

Denver-based ZOCALO Development, led by CEO David Zucker, has broken ground on a parking garage near Sloan Lake Medical Center.

Its completion, expected at the end of April, will allow Zucker to begin work on the meat of the project — 461 residential units, nearly all of the limited units available for fees used by the medical center.

Zucker said that the serious increase comes after 10 years of work. The project was first discussed publicly in 2018 and received necessary revisions the following year. But the place has not changed yet.

Zucker said it closed $300 million in financing for what is essentially three separate operations rolled into one.

The northern end of the site, along 17th Street and near the park, will be a 16-story tower called Alia with 294 units: market-restricted apartments and 10 market-restricted spaces.

Income restricted units are set aside for Denver school teachers at 60% of their district income, or AMI. Northwest Mutual is a private equity investor and equity investor in the tower.

“Living in Denver would be a great project,” Zucker said. “It is the sum of everything we know about achieving citizens’ goals.”

The southern end of the site, along 16th Street, will include 158 affordable apartments in a four-story building called Lioya. The maximum income per unit will range from 30 to 60 percent, and Zucker said there will be seven three-bedroom units for larger families.

Lioya will be financed with debt financing, low-income tax credits and $9.5 million from the Colorado Department of Housing. The building will be hosted by the Nork-based NHP Foundation, using funds provided by the State of Colorado through the World Bank’s Proposition 123 program.

The project will also include some retail space, as well as nine townhomes facing the newly created Mead of Mead Street area that will be zoned for middle-income earners.

“There is nothing as life-changing for either a former renter or for me as a builder as affordable construction for sale,” Zucker said.

330-A parking space is currently located on the corner of 16th Street and Meadery Street, on the southeast corner of the property. We ended up working at a nearby medical facility known as Beth Israel and Loya Hospital.