An affordable housing development in Arvada got a major funding boost, as CVS Health announced its $19.2 million investment in the 85-unit Marshall Street Landing complex.

Located at 5549 Marshall St., Marshall Street Landing is an apartment complex with a mix of one- and two-bedroom units that aims to house those experiencing homelessness and those who are in danger of experiencing homelessness — anyone at or below 30% area median income is eligible, according to Family Tree, the nonprofit bringing the development to fruition.

Ground broke on the development on March 28, and the project is expected to be completed in summer 2025. Family Tree acquired the low-income housing tax credits in 2022.

CVS Health announced its investment in the project on April 24. The investment is made in collaboration with Family Tree and BlueLine Development, another developer already involved in the project.

The pharmacy store chain’s investment comes on the heels of other investments in affordable housing developments both in Colorado and in other states. CVS Health has invested over $43 million into creating and renovating 2,100 units in the Centennial State, including a $6.5 million investment into Charity’s House Place, a 36-unit development in Denver.

Frank J. Benedetto, Regional Director or Sales and Account Management at Aetna, a CVS Health company, called affordable house a “critical component” to one’s health.

“Through the development of Marshall Street Landing, unhoused residents will have supportive housing, that provides access to the important resources they need to maintain stability, create positive changes, and ultimately lead healthier lives,” Benedetto said.

Dontae Latson, CEO of Family Tree, attributed the project’s success so far to the collaboration between different organizations working together.

“Marshall Street Landing is a testament to what we can achieve when we come together with a shared vision of compassion and inclusivity,” Latson said. “Permanent supportive housing is not merely a place to live; it is a foundation for life. It offers individuals and families who have faced homelessness or disabling conditions not just shelter, but a community and a sense of belonging.”

Once completed, residents of Marshall Street Landing will get Project Based vouchers which can be used to access supportive services including mental health and substance use counseling provided by the Jefferson Center for Mental Health as well as case management from Family Tree.

Additionally, Family Tree will provide referrals to other programs, crisis assistance and on-site life skill educational programming.

Each unit at the development will be fully furnished and include a stove, refrigerator, air conditioning and carpeting. The complex has a community kitchen, common rooms, laundry, a picnic area, playground and a community garden.