Additional funding has been secured for the construction of an 8-story condo development in a mostly industrial part of Denver’s River North Art District.
As proposed, the structure will house14 one-bedroom units, 27 two-bedroom units, and 8 three-bedroom condos, all to eventually be sold at affordable rates.
Members of the Denver City Council have given their approval to a $2.4 million loan that will come from the city’s Department of Housing Stability to build the project.
It is expected that, in total, it will cost just under $18 million to build the project.
Because the site for the project, near the banks of the South Platte River, is an unusual rectangular-shaped piece of land, the structure housing the units will have a triangular design.
That site was purchased in late 2020 by two entities working with the nonprofit Urban Land Conservancy, which promotes the building of affordable housing in metro Denver.
If the project secures final city approval, work is expected to launch on the Chestnut Place Condos in the first quarter of next year.
By Garry Boulard
