A narrow, triangular block in RiNo is set to become the site of a new 49-unit, income-restricted condominium complex.
Chestnut Place condos are planned to have 14 one-bedroom units, 27 two-bedroom units and eight three-bedroom units, as well as a commercial space.
All units will be sold to buyers making 80 percent or less of the area’s median income, which is approximately $55,000 for a one-person home and $64,000 for a two-person home.
According to city documents, the Elevation Community Land Trust has promised to buy land and buildings when the project is completed. The trust will then sell the units. The average income requirement of 80 percent of the area will be there for 99 years.
The land comprises two parcels totaling 7,010 square feet or 0.16 acres, which forms a block formed by Chestnut Place, Arkins Court and 36th Avenue. There is currently a house on the site, which is kitty-corner from Ironton Distillery and across Chestnut Place from Number 38 Beer Hall.
Elevation Community Land Trust chief strategy officer Lauren Daybell told BusinessDen that planned amenities at Chestnut Place condos include a rooftop deck, bike shop and bike storage, as well as close access to Denver’s Riverfront Promenade.
Daybell said the immediate area has an “extremely low” 18 percent homeownership rate.
“It is our hope that residents who have been displaced from the Five Points neighborhood will be able to return as homeowners,” she said, “and current residents who wish to live longer, but never dreamily Didn’t think they could own a house.” A new opportunity to buy a beautiful condo where they can gain stability, money and a place to call home. “
As BusinessDen previously reported, the land was sold in November to Chestnut Lofts LLC, which has a relationship with Urban Land Conservation, and 3501 Chestnut Land LLC, which has a relationship with Shanahan Development, the project’s contractor.
According to public records, the entities paid $1.13 million in two deals for 3501 and 3563 Chestnut Place, with the Urban Land Preserve retaining about 70 percent interest and the Shanahan Development Unit retaining about 30 percent.
According to a briefing on the project from the city, “the biggest challenge facing this development is the site itself.” “The very narrow, triangular site, which currently comprises two parcels, required an increasingly challenging building form.”
Developers sought a zoning variance to increase building height for more units, but the adjustment board for zoning offered only a “partial variation”, the briefing said. The land is currently zoned for a five-story building, but it is within a zoning overlay district that lets developers build higher if certain conditions are met.
“Furthermore, the existing structure on site requires asbestos and lead-based paint mitigation during demolition, increasing the cost of site preparation,” the briefing said.
According to the city briefing, the Chestnut Place project is expected to cost more than $17.7 million, and require a no-interest loan from the city of approximately $2.5 million to cover developer outstanding costs and approximately $1 million of federal funding. is demanding.
Construction is expected to begin in February and be completed by March 2023.
Shanahan has partnered with two land trust institutions on development and other developments. In 2018, he added 92 income-restricted, units for sale to the development in the Santa Fe Arts District at 801 W. 6th Ave. Bought the 18,000-square-foot site.
The Elevation Community Land Trust currently has home listings on its website as low as $149,000 for a studio with one bathroom in the Lincoln Park neighborhood and $280,000 for a three-bedroom, one-bathroom home in Aurora Is.