New affordable housing is coming to Arvada after a healthcare company put almost $20 million to help build the development. 

CVS Health on Wednesday announced it has invested $19.2 million to help build 85 affordable housing units in Arvada, according to a news release.

The pharmacy-based company seeks to help reduce homelessness and increase access to permanent housing — an effort they’ve initiated in thousands of other affordable housing units in Colorado, according to CVS officials.

“A critical component to improving an individual’s health and well-being is access to quality, safe, affordable housing,” Frank Benedetto, regional director of Sales and Account Management at CVS sub-company Aetna, said in a statement.

Arvada’s ongoing affordable housing project, called the Marshall Street Landing, is located at 5549 Marshall St., according to Family Tree, a homelessness advocate partner of the construction project.

Family Tree works with people who have experienced child abuse, domestic violence or homelessness. They have owned the Marshall Street property for more than 25 years, according to the company’s website.

Officials broke ground on the site last month and expect to finish the project in the summer of 2025.

The 85-unit affordable housing complex will feature a community kitchen, common and laundry rooms, on-site management, a picnic area, playground, community garden, parking, 24-hour front desk coverage, and controlled access to the property.

CVS Health, Family Tree and BlueLine Development, an affordable housing firm, intend to create affordable housing in “historically underserved communities” and provide “quality, safe, affordable housing,” CVS officials said in a news release.

“Marshall Street Landing is a testament to what we can achieve when we come together with a shared vision of compassion and inclusivity,” CEO of Family Tree Dontae Latson said in a statement.

“Permanent supportive housing is not merely a place to live,” he added, “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.”

The development also includes The Jefferson Center For Mental Health, from which CVS plans to offer mental health and substance abuse counseling. Family Tree will provide trauma-informed case management, referrals, crisis assistance and on-site life-skills education programming.

Throughout Colorado, CVS has invested more than $43 million to create, preserve and renovate over 2,100 affordable and supportive housing units, according to the company. It has preserved or renovated more than 22,600 units across the nation.

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