News
MEDICI'S MEDICINE FOR APT RENTS
August 29, 2012
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| While apartment rents are rising, one local developer is adding to Downtown Denver’s affordable housing stock. Medici Communities is underway with Evans Station Lofts, a 50-unit affordable housing project (with 7,100 SF of retail) for which Medici earned more than $1M in low-income housing credit. Evans Station Lofts will next spring and will target renters earning between $17k and almost $43k annually. | |
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| We chatted with Medici's Troy Gladwell about his firm's pipeline. Given that apartment rents are rising fast in our booming economy, there's plenty of opportunity for affordable housing, he says. Currently Medici is rehabbing Westminster Commons, a 130-unit apartment project that Volunteers of America is buying from the Westminster Housing Authority. And there's more: "We got two more that we're getting ready to submit on the next round of tax applications," Troy says. (He might be the only guy who enjoys filing tax documents.) We'll keep you posted. |
