Triangular block at RiNo set to become 49-unit limited-income condo complex – The Denver Post
A narrow triangular block in RiNo is expected to be the site of a new 49-unit limited-income condominium complex.
Chestnut Place condos are expected to have 14 one-bedroom units, 27 two-bedroom units, and eight three-bedroom units, as well as commercial space.
All units will be sold to buyers earning at least 80% of the region’s median income, or approximately $ 55,000 for a one-person household and $ 64,000 for a two-person household.
According to city documents, Elevation Community Land Trust has promised to purchase the land and building once the project is completed. The trust will then sell the units. The area’s 80 percent median income requirement will last for 99 years.
The land consists of two parcels totaling 7,010 square feet, or 0.16 acres, which make up a block formed by Chestnut Place, Arkins Court and 36th Avenue. There is currently a house on the site, which is at the Kittens Corner of the Ironton Distillery and across from Chestnut Place from Brewery number 38.
Lauren DeBell, chief strategy officer at Elevation Community Land Trust, told BusinessDen that amenities at Chestnut Place Condos include a rooftop patio, bike shop and bike storage, as well as close access to the riverside walk that Denver is building.
DeBell said the immediate area has an “extremely low” homeownership rate of 18%.
“We hope that residents who have been moved from the Five Points neighborhood can return as owners,” she said, “and that current residents who wish to stay for the long term but never dreamed of being able to own a house will have a new opportunity to buy a wonderful condo where they can gain stability, wealth and a home away from home.
As BusinessDen has already reported, the land was sold in November to Chestnut Lofts LLC, which has ties to Urban Land Conservancy, and 3501 Chestnut Land LLC, which has ties to Shanahan Development, the project contractor.
The entities paid $ 1.13 million on two contracts for 3501 and 3563 Chestnut Place, according to public records, with the Urban Land Conservancy retaining about 70% of the interest and the Shanahan Development entity about 30%.
“The biggest challenge this development has faced is the site itself,” according to a briefing on the city’s project. “The very narrow triangular site, currently made up of two plots, required an increasingly demanding form of construction. “
The developers requested a zoning gap to increase the height of the building for more units, but the Zoning Adjustment Council only proposed a “partial gap,” the briefing said. The land is currently zoned for a five-story building, but it is in a zoning overlay neighborhood that allows developers to build higher if certain conditions are met.
“Additionally, the existing structure at the site requires mitigation of asbestos and lead-based paint during demolition, which increases overall site preparation expense,” the briefing said.
The Chestnut Place project is expected to cost more than $ 17.7 million, according to the city briefing, and the developer is asking the city for an interest-free loan of around $ 2.5 million to cover unpaid costs and a federal funding of approximately $ 1 million.
Construction is scheduled to start in February and end in March 2023.
Shanahan Development and has partnered with the two land trust entities on other developments. In 2018, they purchased an 18,000 square foot site at 801 W. 6th Ave. in the Santa Fe Arts District for the development of 92 limited income units for sale.
Elevation Community Land Trust currently has real estate listings on its website ranging from $ 149,000 for a one-bath studio in Lincoln Park to $ 280,000 for a three-bedroom, one-bath house in Aurora.