Denver’s latest inexpensive housing challenge is a 132-unit condominium advanced in Central Park
Zack Gibson was skeptical when he saw the listing. A Denver condominium in an under construction complex?
After convincing his wife to move to Florida for retirement, he decided to return to Colorado, where the two of them used to live. He kept looking for other options, but found that he was looking at future homes in what would be called Central Park Urban Living Condos.
Months later, it’s no longer a listing. It is his future home.
“Ultimately, the only way to rehabilitate my wife was to get her to Denver,” Gibson said Tuesday. “And it was a great process, a process I’ve never been through before, but everyone we’ve worked with has been excellent.”
Gibson joined Deputy Mayor and Public Safety Director Murphy Robinson, Executive Director of the Department of Housing Stability Britta Fisher, Councilor Chris Herndon, and others on Wednesday to create the tape for the 132-unit complex on 36th Avenue and the Sever Central Park Boulevard in northeast Denver.
All units are under contract and sold to households earning 60 to 80 percent of the region’s median income. In Denver, this means that one person cannot make more than $ 55,950 while a household of three cannot make more than $ 71,950.
Northeast Denver Housing Center developed the project using land donated by Brookfield Properties. The complex is near RTD’s Central Park Station, another selling point recognized by the city and its partners.
“This is affordable condominium living,” said Leland Ferguson of Brookfield. “You really have to look a long way to find this type of option anywhere else in town.”
The project cost $ 35.9 million, with the city’s Affordable Housing Fund raising $ 2.6 million. It comprises 51 one bedroom units and 81 two bedroom units. The units have eight-foot ceilings and large windows, and some even have balconies.
The festival of the city comes as the closing prices for homes in the metropolitan area continue to skyrocket.
It fuels fears that Denver home ownership will become inaccessible for many. The cheapest property in town that changed hands last month was $ 147,900, comparable to the price range for these new affordable condos, which are priced between $ 139,500 and $ 169,500. The average closing price for a home in the metropolitan area was $ 545,000 last month, a record.
Herndon, who represents the area where the new condos opened, said the condominium sales show the continued need for housing for all levels in the city. He greeted the new residents in his district. These include a paralegal, tax auditor, biomedical technician, chemist, flight attendant, shopkeeper, and bus operator, according to the executive director of the Northeast Denver Housing Center, Gete Mekonnen.
Mekonnen said 22 percent of the people living there are 25 years or younger.
“They needed the opportunity, and this development offers it,” said Mekonnen.
One of the first things Gibson did when touring his potential new home was to look at the central air unit. He used to work in the HVAC industry so that’s his thing. He marveled at what he saw and called it “first class stuff”. He was enthusiastic about the sprinkler system and the smoke flaps in the air ducts.
He said he would close his unit in Tower A next week. He’s pretty excited about it.
“Tower A rules,” he said, triggering laughter during the celebration.