DENVER -- The cranes and construction have invaded downtown Denver, and now a new high-rise building is going up for anyone interested in owning, as opposed to renting, right in the mix of things.
The Coloradan, set to open in 14 months, will include 33 affordable housing units.
Brad Arnold, he VP of Sales and Marketing for the Coloradan, has been busy selling the 334 future homes before the construction is even near completion. The property began taking contracts on Aug. 22 and has already sold 158 residences, totaling more than $100 million in gross sales, according to a press release issued Tuesday.
"This is the first opportunity in 7 or 8 years that anyone has had the chance to purchase and own in the Union Station neighborhood,” Arnold said.
The condos range in size from studios to one through three bedrooms, to penthouses. The units range in price from $255,000 up to $3.3 million. It's right behind Union Station and across from the largest Whole Foods in the state.
"The fact that we have sold over half the building in three weeks is a great testament to demand for ownership in Union Station and downtown," said Arnold.
When the building is complete it will top out at 200 feet and 19 floors. What makes it different is that 33 of the units will be affordable housing.
"That affords us buyers of all different age, demographics, employment types, etc. We feel that's a great benefit to the city," said Arnold.
Part of the Denver's Inclusionary Housing Ordinance requires that in any new for-sale multi-housing developments of 30 or more units, 10 percent of them be affordable.
At the Coloradan, those units will go for less than $300,000. The potential homeowners will qualify if they earn less than roughly $56,000 for one person or less than roughly $64,000 for two people.
In a little more than a year from now, new homeowners will be moving in.
"Working in the service industry, or the young professional buying their first home, or the person that has done really well for themselves and they have the ability to live in a penthouse—we want all those folks to have the same experience and be part of the same community," said Arnold.
According the Denver’s Office of Economic Development, the purchasers have to income qualify, which involves documentation and verification of their household income.
As for resale, there is a covenant on the unit that restricts the appreciation and resale price. This varies from development to development. And, owners have to sell to other income-qualified buyers.
There is a given number of years on the restriction, after which, the owner can sell to non-income-qualified buyers. The affordable units will not start selling until 2018. For more information visit The Coloradan.