Affordable Condominiums Going Up Near Union Station Come With Qualifications
By Jeff Todd
DENVER (CBS4) - It is being built right on top of the Union Station Bus Terminal and offering something not found in Denver, affordable condominiums.
"We're in the heart of the heart," said Brad Arnold, the Vice President of sales and marketing for The Coloradan. "If you look around us there are a lot of apartments. So, a lot of folks have had the opportunity to live in Union Station, but this is their first opportunity to own."
The Coloradan is on the corner of Wewatta and 17th Streets.
Three hundred and thirty-four units are expected to be completed and ready for move-in by the end of the year. City rules allow developers to either provide 10 percent as deed restricted units or pay into an affordable housing fund.
Thirty-three affordable housing units will be awarded in a lottery in the middle of June.
"We wanted to provide affordable housing. Simply put it's the right thing to do. We wanted to build an inclusive community we had a wide range of condominiums. We wanted it to be an opportunity for everyone who works in downtown to have a place to live downtown," said Arnold.
There are 12 one-bedroom units for $230,751 and 21 two-bedroom units for $285,936.
Hundreds of people have already been interested in the units, but there are strict qualification standards.
"We wanted it to be an opportunity for everyone who works in downtown to have a place to live downtown," said Arnold.
So far, five meetings are planned for potential buyers where they can learn about the income requirements, pre-approval, and lottery processes.
LINK: The Coloradan Affordable Homes
Jeff Todd joined the CBS4 team in 2011 covering the Western Slope in the Mountain Newsroom. Since 2015 he's been working across the Front Range in the Denver Headquarters. Follow him on Twitter @CBS4Jeff.