Denver eyes its oldest subsidized housing community for redevelopment

Colorado Politics covers plans for housing redevelopment in the Sun Valley neighborhood.

“Denver is finalizing plans for two new housing developments that would replace and add to the public-subsidized and affordable-housing stock in the city’s Sun Valley neighborhood.

The city would help these developments take root in the neighborhood through financial assistance to the tune of $2.95 million in no-interest, forgivable city loans. That assistance will go to the Denver Housing Authority to augment a mix of state, federal and private funding secured to help realize the project.

The public housing community in Sun Valley is the oldest such in the city of Denver built in the 1950s, according to Ismael Guerrero, executive director of the Denver Housing Authority.”

Read more on Colorado Politics here.

292-Units Break Ground Near Mile High Stadium

Mile High Cre covers plans for new housing near the Mile High Stadium.

 

Katerra, a technology-driven construction company, broke ground earlier this month on Cirrus, the company’s latest project alongside developer UDR. Cirrus is a 230,000-square-foot residential development featuring 292 apartments on a 2-acre lot west of Mile High Stadium at 1590 Grove Street in Denver. Cirrus will help address Denver’s continued affordable housing shortage crisis.

The new housing structure will stand seven floors tall and offer residents an elevated pool terrace, club room, fitness center, coworking suite, dog spa, bicycle workroom and panoramic views of downtown Denver and the mountains from its rooftop deck. Davis Partnership is the architect for the project.”

 

Read more on Mile High Cre here.

New vision for Denver’s Loretto Heights progresses

Colorado Politics covers plans for redevelopment of Loretto Heights.

 

“A 125-year-old school campus has made its way onto a long list of Denver properties slated for redevelopment.

Plans to revamp Loretto Heights, 72 acres on a hilltop in the Harvey Park South neighborhood, advanced just after midnight on Tuesday when the City Council approved the creation of a series of special districts to help finance the project.

The effort took another step forward later that morning, when the Land Use, Transportation & Infrastructure Committee referred to the full council a redevelopment plan for the campus and more than 200 acres surrounding it.”

 

Read more on Colorado Politics here.

New apartment project proposed near Denver’s Mile High Stadium

Denver Business Journal highlights new housing plans near Denver Mile High Stadium.

 

“The site of a former Burger King that’s currently being used as parking for sporting and entertainment events at Mile High Stadium could be home to Denver’s next apartment community.

HRE Holdings submitted a conceptual development plan on Wednesday for a five-story, 73-unit apartment building at 1800 Federal Blvd., which is just a short walk from the football stadium.”

 

Read more on Denver Business Journal here.

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Lakewood struggles to put housing development cap in place

Colorado Politics covers the development cap in Lakewood.

 

“Lakewood is running into road blocks while establishing a housing cap.

The city’s voters approved a measure in July that limits new housing construction to 1% annually. The move came as Denver and surrounding cities grapple with growing pains from population increase.”

 

Read more on Colorado Politics here.

Are There Cheap Denver Homes Out There? Yes, If You Count Townhomes

Colorado Public Radio covers the housing market in Denver.

 

“The Great Recession turned Denver’s housing market on its head. Home prices skyrocketed beyond income growth. People priced out of coastal markets created demand here as they moved in — and supply hasn’t kept up.

It’s in this environment that Tricia Powell, a reader from Grand Junction wondered: What percentage of new single-family homes sell for less than the median cost in the Denver area?”

 

Read more on Colorado Public Radio here.

Colorado nonprofit looks to tiny homes to help homeless vets

Denver7 covers how to use of tiny homes could help homeless vets.

 

“GOLDEN, Colo. — The group Mattersville runs a program to help homeless vets get a fresh start, with that comes housing. And they want to look at tiny homes as a way to provide a roof and some hope.

“My life turned upside down to the point that I put myself in a worse situation,” Army vet Amy Alvira Concepcion said.

It was only a week ago that Concepcion was in dire straits. She had no job and no place to live.”

 

Read more on Denver7 here.

Increasing demand from renters for larger units

Colorado Real Estate Journal covers an increase in demand for larger rental units.

 

“As homeownership in Denver becomes increasingly more expensive, we expect demand for larger rental units to increase. This shift is likely to be driven by demographics and the overall cost of housing. In the Western United States, homeownership rates peaked at just under 65% in 2006. The homeownership rate declined significantly in the years following the Great Recession.

Currently the homeownership rate is just above 60% in the Western U.S. The city of Denver has a lower rate; we currently have 310,000 households of which 160,000 are renters, or 52% of total households. Denver’s rate of homeownership is lower than the Western region largely due to the increasing cost of housing. The median home price in Denver has increased from $219,900 to $446,600 from 2009 to 2019, this is an increase of 103% during a time in which weekly wages have grown from $850 to $1,090, or an increase of 28%. It’s becoming increasing difficult for most people to afford to buy a home. The average single-family home in Denver is now just under $530,000. To afford a home at this price, assuming a 10% down payment, $400 for tax/insurance and a 4% interest rate, the monthly payment would be $2,677, or 42% of the metro median income of $76,643. Average Denver metro rents have increased to $1,512 per unit as of second-quarter 2019. This delta demonstrates the significant premium that exists to own a home versus renting. In addition to offering better economic value, renting also offers better flexibility for people who value the ability to move to another metro area for employment opportunities or other lifestyle reasons.”

 

Read more on Colorado Real Estate Journal here.

Colorado’s affordable housing war chest will grow by millions in the coming years. Will it be enough?

The Denver Post highlights the future of affordable housing in Colorado.

 

“Colorado officials tasked with helping create affordable housing options for the state’s fast-growing population know they’re facing a chasm of need as deep as Grand Lake.

About 280,000 Colorado households put at least 50 percent of their income toward their housing, according to Colorado Department of Local Affairs, an arm of state government that includes the Division of Housing. By federal standards, those people are considered severely cost-burdened, meaning that the amount they pay to keep a roof over their heads damages their ability to buy food, pay for medical care and provide other necessities for themselves and their families.

The U.S. Census Bureau put the average Colorado household size at 2.55 people, meaning roughly 714,000 Coloradans live under such conditions. That’s more than one out of every 10 people. The doesn’t even account for the thousands of additional people dedicating at least 30 percent of income to housing, the federal threshold for being cost-burdened.”

 

Read more on The Denver Post here.

Property Management Trends in Denver for 2019 and Beyond

Mile High Cre covers property management trends in Denver.

 

“Investing in real estate can be lucrative. As a matter of fact, real estate has produced more millionaires than any other business. With proper research, a good plan, and the right price, just about anyone can become a property investor. Denver’s real estate scene just keeps getting hotter and hotter. Last year was an especially strong year for the Mile High City’s real estate market. Investors will be particularly pleased to hear that the hot streak continues into 2019, and possibly beyond. So, what makes Denver such a good investment destination?”

 

Read more on Mile High Cre here.