Denver, Colorado–based affordable housing developers Urban Land Conservancy (ULC) and Medici Consulting Group (MCG) recently revealed plans to move forward on a project that aims to establish a transit-oriented development at the heart of the city’s booming River North Art District (RiNo) neighborhood.
The so-called Walnut Street Lofts—an architect for the project has not been announced—would bring 65 affordable housing units pegged for residents making between 30- and 60-percent of the area’s median income. When the development comes online in 2019, it is expected to provide affordable rents, with one-bedroom units going for roughly $400 per month and three-bedroom apartments running up to $1,200 per month.
The 1.5-acre site for the project was purchased by ULC in 2011 as part of the developer’s long-term land-banking strategy, which entails purchasing cheap land in gentrifying Denver neighborhoods as a means of embedding affordable housing in growing areas. When the non-profit acquired the Walnut Street Lofts parcel in 2011, for example, the lot came out to a sale price of about $30 per square foot, a bargain considering a site nearby recently sold for roughly $200 per square foot, the Denver Post reports. For the project, ULC sold the development rights to the land to MCG but will retain ownership of the land via an automatically-renewing 99-year ground lease.
The complex, according to a rendering released by the developers, features simple, rectilinear massing with punched openings with operable window assemblies. The complex will also feature ground floor retail spaces and is laid out with a central courtyard.
The project will benefit from funding provided by the Colorado Housing and Finance Authority, which awarded Medici $1,198,115 in low-income housing tax credits to help finance the estimated $17 million project. The project also received funding from Colorado-based development firm McWinney, which chipped in $1.5 million in funding as part of a deal to win a density bonus for a development located on a nearby parcel.
The Walnut Street Lofts are expected to break ground in late 2018 and will be completed in 2019.