Apartments Starting At $400/Month Coming To RiNo
The nonprofit Urban Land Conservancy and developer Medici Consulting Group are planning to build the 65-unit Walnut Street Lofts, near the 38th and Blake transit station in RiNo. A lot of multifamily development is underway in Denver's urban core, but the distinctive feature of this project is that it will be affordable housing.
The apartments will be for residents earning 30% to 60% of area median income, according to the Denver Post. That would start rents at $400/month for a one-bedroom unit and $1,200 for a three-bedroom unit.
In an example of successful land banking, ULC acquired the property for $1.7M in 2011, in the immediate aftermath of the recession, and before major development began along this particular transit corridor. The 2011 price was about $30/SF; now properties in the area trade for as much as $200/SF.
ULC will sell the development rights to Medici, but retain ownership of the land via a 99-year ground lease. Earlier this month, the Colorado Housing and Finance Authority awarded the organization a 9% tax credit for the project. Work will begin on Walnut Street Lofts in late 2018.
