LAKEWOOD - The State of Colorado has approved a new public-private partnership in the City of Lakewood that will redevelop underutilized State-owned land into a mixed-income community focused on expanding housing access, supporting working families, and strengthening long-term community stability.
Led by the State’s Department of Personnel & Administration’s Public-Private Partnership (P3) Collaboration Unit, the projects at 1881 Pierce St. and 1900 Reed St. will deliver affordable rental housing, attainable and affordable homeownership opportunities, and integrated childcare services, addressing critical needs in the Denver metro area.
“Colorado needs more housing options for families at every income level,” said Gov. Jared Polis. “This opportunity will expand inventory and provide housing options people can afford and create entry points into ownership for Colorado families. By putting State land to work through strong partnerships, we’re expanding housing inventory, improving affordability, and creating communities that better serve Coloradans.”
This project will create approximately 120 affordable rental units serving households earning 30%–70% of Area Median Income (AMI), with long-term affordability protections. It will provide homeownership opportunities, including 50–60 attainable homes and 10–20 deed-restricted affordable homes. This mixed-income neighborhood will allow residents to transition from renting to owning within the same community.
The project will also support working parents and increase workforce participation by including on-site childcare, including one large childcare center and two in-home providers.
“I am excited that this partnership is moving forward in my district to deliver housing opportunities in Lakewood that people can actually afford. With this partnership, we can meet the needs identified by the Lakewood housing needs assessment and create workforce housing and first-time homeownership opportunities for hardworking Coloradans. This is a huge step forward to make it easier for people to live where they work and continue to call Colorado home,” said Colorado House Representative Rebekah Stewart.
“This innovative, collaborative effort is a much-needed addition to the City of Lakewood,” said Lakewood Mayor Wendi Strom. “It’s an exciting project that will provide not only affordable and attainable homeownership, but will also increase much-needed access to childcare for residents of our city.”
Approval by the State Legislature’s Capital Development Committee on Jan. 30 marked a key milestone, allowing the project to move into its next phase of financing, design, and development. Construction on the project is scheduled to begin in 2027.
Private partners include Metro West Housing Solutions, Oakwood Homes, and Elevation Community Land Trust. "As a Lakewood resident, I am particularly excited to bring permanently affordable opportunities home,” said Stefka Fanchi, CEO of Elevation Community Land Trust. “The result will be a true community with access to wealth building, open space, the arts, and the immense benefits of a diverse, mixed-income neighborhood.”
“Metro West Housing Solutions is thrilled to have this unique partnership and bring this vision to life,” said Tami Fischer, CEO of MWHS. “Along with providing critical housing in Lakewood and essential childcare services, we are proud to continue our long-standing collaboration with 40 West Arts District to create inspiring creative community spaces for residents and neighbors.”
“Through this public-private partnership, we’re able to deliver attainable homes at a price point this community hasn’t seen in more than a decade,” said Amy Schwartz, vice president of social responsibility at Oakwood Homes. “It creates a meaningful opportunity for the people who serve the community, like teachers, first responders and other essential workers, to also live in it, which is core to our mission of opening the doors to homeownership and growing financial security.”
The Lakewood Complex P3 project currently involves only parcels of undeveloped land. The state-owned building located on 1881 Pierce St. will require a different trajectory to redevelop. The State will continue to work toward a plan for the future of the building.
Created in 2022, the P3 Collaboration Unit within the Department of Personnel & Administration manages public-private partnerships that leverage state assets to deliver housing, childcare, and other critical community needs.
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