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Affordable Housing Coming To One Of Denvers Priciest Neighborhoods
Ashley Union Station, a four-story, 107-unit apartment complex under construction at 18th Street and Chestnut Place, will offer 75 income-restricted units just blocks from the revitalized train hall and transit center in Lower Downtown.
In a neighborhood best known for sky-high rents and luxury amenities, households earning up to 60 percent of area median income — anywhere from $33,600 for one person to $55,620 for six — will be eligible to move into Ashley's affordable one- and two-bedroom units, with many units set aside for even lower income earners.
The development at 18th Street and Chestnut Place is viewed as one of the only remaining opportunities to bring affordable housing near Union Station.
"That clerk at Safeway and (King) Soopers will be able to afford housing here. The server over at the Kitchen Next Door will be able to afford to live in this building. The person who drives the bus on the 16th Street Mall shuttle — that's what this housing is about," said Denver Councilwoman Robin Kniech. "It's important to have mixed-income communities throughout our city."
Denver officials gathered Thursday to celebrate the start of construction of the $30 million mixed-income community, which is being developed by Atlanta-based The Integral Group with public and private financing.
Public funding includes the Denver Office of Economic Development. The Denver Housing Authority is the general partner of Ashley Union Station.
Among the public contributions are $2.3 million in financing from the city of Denver's general fund, a $950,000 loan from the city's affordable-housing preservation ordinance fund and $2.75 million from the Denver Housing Authority — the latter specifically to support the land purchase. DHA also is providing a 70-year ground lease to Integral.
A total of 34 apartments will be available to households making no more than 60 percent of area median income.
Households making up to 50 percent of median income will be eligible for another 34 units, with an additional seven apartments set aside for those making 30 percent or less. The remaining apartments will be rented at market rate.
Amenities will include a rooftop terrace, bike repair station, ground-level retail and partially covered parking, said Vicki Lundy Wilbon, Integral's president of community development.
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Denver Colorado Realtor - Shae Bordewick. As an experienced real estate agent and a certified negotiation expert, I help buyers and sellers achieve the best price and terms possible. I work throughout the Denver Metro area, but I specialize where I call home, Littleton Colorado. Feel free to call me for a complimentary marketing consultation and let me show you how I can maximize your return on your real estate investment. Shae Bordewick 720-837-191 or email me at email@example.com
As a Full Time real estate agent for the past 23 years, Sheryll has helped hundreds of home owners in Colorado buy and sell their homes. Sheryll's easy going, no pressure style and her in depth knowl....
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