According to The Denver Post, a vacant building and the 18,000-square-foot plot of land that it sits on will eventually host 4,000 square feet of new commercial space and 92 for-sale condos. Eighty-six of them will be designated as permanently affordable and be reserved for families making between $40,000 and $72,000 per year. The development team includes the Urban Land Conservancy, Shanahan Development and the Elevation Community Land Trust. The project is known as Inca Commons.
“The lack of affordable for-sale homes in the Metro Denver region is a significant problem,” Mark Marshall, Urban Land Conservancy’s director of real estate, said in a statement. “In order to provide working families and individuals with permanently affordable for-sale options we need creative opportunities like Inca Commons.”
It was Shanahan Development president and CEO Jeff Shanahan who zeroed in on the property and tabbed it for affordable housing, partners say. Coming for a family of educators, Shanahan has insight into the challenges working-class people face when trying to buy into Denver’s housing market. Some other metro area residential projects — such as Oakwood Homes’ “American Dream” development in Green Valley Ranch — have specifically appealed to teachers, firefighters and other public servants who are having trouble finding housing in their price range.Read More