Income-restricted condos planned for triangular block in Denver’s RiNo neighborhood

A narrow, triangular artifact successful RiNo is slated to beryllium the tract of a caller 49-unit, income-restricted condominium complex.

The Chestnut Place Condos are planned to person 14 one-bedroom units, 27 two-bedroom units and 8 three-bedroom units, arsenic good arsenic 1 commercialized space.

All units volition beryllium sold to buyers making astatine oregon beneath 80 percent of the country median income, which is astir $55,000 for a single-person household and $64,000 for a two-person household.

According to metropolis documents, Elevation Community Land Trust has promised to bargain the onshore and gathering erstwhile the task is completed. The spot volition past merchantability the units. The 80 percent country median income request volition past for 99 years.

The onshore includes 2 parcels that full 7,010 quadrate feet, oregon 0.16 acres, that makes up a artifact formed by Chestnut Place, Arkins Court and 36th Avenue. There is presently 1 location connected the site, which is kitty-corner from Ironton Distillery and crossed Chestnut Place from Number 38 brew hall.

Lauren DeBell, the main strategy serviceman with Elevation Community Land Trust, told BusinessDen that planned amenities astatine the Chestnut Place Condos see a rooftop deck, motorcycle store and motorcycle storage, arsenic good arsenic adjacent entree to the riverfront promenade Denver is constructing.

DeBell said the contiguous country has an “extremely low” 18 percent homeownership rate.

“It is our anticipation that residents who person been displaced from the Five Points vicinity volition beryllium capable to instrumentality arsenic homeowners,” she said, “and that existent residents who tendency to enactment semipermanent but ne'er dreamed they could ain a location volition person a caller accidental to acquisition a beauteous condo wherever they tin summation stability, wealthiness and a spot to telephone home.”

Courtesy metropolis of DenverA rendering shows the northbound and southbound presumption of the projected Chestnut Place Condos.

As BusinessDen antecedently reported, the onshore was sold successful November to Chestnut Lofts LLC, which has ties to the Urban Land Conservancy, and 3501 Chestnut Land LLC, which has ties to Shanahan Development, the contractor for the project.

The entities paid $1.13 cardinal crossed 2 deals for 3501 and 3563 Chestnut Place, according to nationalist records, with the Urban Land Conservancy retaining astir a 70 percent involvement and the Shanahan Development entity retaining astir 30 percent.

“The biggest situation this improvement has faced is the tract itself,” according to a briefing connected the task from the city. “The precise narrow, triangular site, presently comprised of 2 parcels, required an progressively challenging gathering form.”

Developers sought a zoning variance to rise the gathering tallness for much units, but the Board of Adjustment for Zoning offered lone a “partial variance,” the briefing stated. The onshore is presently zoned for a five-story building, but it’s wrong a zoning overlay territory that lets developers physique higher if definite conditions are met.

“Additionally, the existing operation connected the tract requires asbestos and lead-based overgarment mitigation during demolition, expanding wide tract mentation expenses,” the briefing stated.

The Chestnut Place task is expected to outgo much than $17.7 million, according to the city’s briefing, and the developer is seeking a no-interest indebtedness from the metropolis of astir $2.5 cardinal to screen outstanding costs and national backing of astir $1 million.

Construction is expected to commencement successful February and beryllium completed by March 2023.

Shanahan Development and has partnered with the 2 onshore spot entities connected different developments. In 2018, they purchased an 18,000-square-foot tract astatine 801 W. 6th Ave. successful the Santa Fe Arts District for the improvement of 92 income-restricted, for-sale units.

Elevation Community Land Trust presently has location listings connected its website that scope from arsenic debased arsenic $149,000 for a workplace with 1 bath successful the Lincoln Park vicinity and $280,000 for a three-bedroom, one-bathroom location successful Aurora.