Why do you want to ruin this beautiful parking lot with housing?
Yes, we really do get this question. Frequently!
The reality is that Colorado has a demonstrable housing crisis that will only get worse, and that the affordability gap is growing. According to the 2020 Census, Denver grew by nearly 20%between 2010 and 2020, adding more than 115,000 residents during that span. Denver’s housing crunch wasn’t new, and the imbalance between housing supply and demand has only gotten worse during the past two years.
How many units of market-rate housing will this project bring?
The market-rent building includes 15 studio/efficiency units, 76 one-bedroom units, 97 two-bedroom/two-bath units, 13 penthouse units and seven for-sale, affordable townhomes, along with a large lobby, a two-level private fitness center, a library with shared workspace(s), and a clubhouse/community room opening up to a “rooftop” amenity deck and a large resort-style swimming pool.
How many units of income-restricted housing will this project bring?
The income-restricted apartment building consists of 73 studio/efficiency units, 57 one-bedroom/one-bath units, 20 two-bedroom/one-bath units and seven three-bedroom/two-bath units, as well as a community room with a kitchen area, a fitness room and four laundry rooms. The project amenities and 34 residential units are on the main floor, and the upper three floors consist of 41 residential units and a laundry room on each floor.
What types of units will this project deliver?
The main market-rent portion of the complex will have studio units that average 510 square feet in size, one-bedroom units will feature a 623-square-foot and a 803-square-foot floor plan, and two-bedroom/two-bath units will range between 1,203 square feet and 1,295 square feet. This building will also have 13 three-bedroom/two-bath penthouses averaging 1,812 square feet and seven three-bedroom/two-bath townhome units of 1,671 square feet when constructed.
In the income restricted building, studio units are anticipated to be 446 square feet in size, one-bedroom units will be 609 square feet, two-bedroom/one-bath units will be 966 square feet and three-bedroom/two-bath units will be 1,228 square feet.
What are the price points for the affordable housing units?
At current projections, the affordable housing units will be set aside for residents with incomes at the 40%, 50% and 60% AMI levels. Studio units will be 446 square feet and have rents of $640 at the 40% AMI level, $815 at the 50% AMI level and $990 at the 60% AMI level. One-bedroom units, which average 609 square feet, have projected rents of $859 (50% AMI) and $1,047 (60% AMI). Two-bedroom/one-bath units, which will be 966 square feet in size, have projected rents of $1,032 (50% AMI) and $1,257 (60% AMI). Finally, three-bedroom/two-bath units, which will be 1,228 square feet in size, have projected rents of $928 (40% AMI).
What about parking?
We understand how neighbors and visitors to Sloan’s Lake might be concerned that a new development would add more on-street parking. That’s why this project includes calls for approximately 670 parking spots across two parking garages as part of the larger mixed-use development in order to provide parking for property residents. These new spots represent a three-fold increase in the number of parking spots currently available to help keep our streets safe and hospitable for all.
Will this project pursue Tax Increment Financing (TIF)? What will that entail?
This project will pursue TIF, the primary tool used by the Denver Urban Renewal Authority (DURA) to finance redevelopment efforts. Through TIF, the incremental new tax revenues generated by a redevelopment project are used to fill the gap between private financing and the total cost of a redevelopment project. For more information on DURA and Tax Increment Financing, please click here.
Can affordable housing still be built if TIF is not awarded?
Due to skyrocketing prices and a host of other factors, this project will depend on TIF in order to affordably house 157 individuals and families.
