The Coloradan Releases First Affordable Homes Available For Purchase in Denver’s Union Station NeighborhoodBuyer Education Events Begin May 19th with Lottery Scheduled for June 19th
Denver, Colorado (May 15, 2018) – East West Partners, a Denver-based developer devoted to building, selling, and managing high-quality real estate, and its partner Ascentris, a Denver-based real estate private equity firm, announced today that The Coloradan is releasing its 33 Affordable Homes for sale. The Coloradan is being constructed under the revised Inclusionary Housing Ordinance enacted by Denver City Council in 2014, with 10 percent of the residences dedicated to providing affordable housing.
“Union Station has quickly become the new heart of downtown Denver, and The Coloradan’s location at the center of Union Station makes it the most exciting downtown living opportunity in the city,” said Brad Arnold, Vice President of Sales and Marketing at The Coloradan. “We believe Denver’s epicenter should have housing options for everyone, so we’re thrilled to offer Affordable Homes at The Coloradan, which help shape a stronger Denver and provide hard-working residents the opportunity to take advantage of all that the Union Station Neighborhood offers.”
The Coloradan’s Affordable Homes are located on floors four through seven and are comprised of 12 one-bedroom residences at approximately 725 square feet and 21 two-bedroom residences that range in size from 746 to 878 square feet. Details on the Affordable Homes and their floorplans can be viewed here.
Prices for one-bedrooms and two-bedrooms are $230,751 and $285,936, respectively. The pricing is determined by a formula created by the City of Denver using the Area Median Income (AMI) levels for various household sizes as determined by the US Department of Housing and Urban Development (HUD). Homeowners of Affordable Homes have the right to lease at least one parking space and will have access to all amenities and services at The Coloradan.
“The opening of more Affordable Homes for residents who need them, especially here in downtown Denver, is something that we can all celebrate,” Denver Mayor Michael B. Hancock said. “As a city, we’re going to continue to pull on every lever we can to offer more affordable options to our people, and The Coloradan is a great example of a community-wide push to make our housing market work for everyone who calls Denver home.”
To qualify for an Affordable Home, a buyer’s household income must be between 50 percent and 95 percent of Denver’s AMI for their applicable household size (see detailed income requirements here) and buyers must obtain pre-approval from a mortgage provider.
Eligible purchasers will be entered into a lottery drawing with other qualified prospective homebuyers – there will be separate drawings for one-bedroom and two-bedroom residences. The Coloradan will conduct an unbiased, random selection to establish a priority order which will be used to schedule individual contract appointments for specific homes.
The process of understanding the requirements and qualifying for an Affordable Home can be complicated, so The Coloradan created a “frequently asked questions” (FAQ) document for prospective purchasers, which can be accessed here. In addition, they will hold a multiple buyer education events specific to the Affordable Homes, the first of which takes place on Saturday, May 19th. For more information, interested buyers can visit thecoloradan.com/affordable-homes/ and subscribe to the interest list to receive more details about the education events. The Coloradan’s sales team will schedule individual discovery appointments between May 16th and June 15th to meet with interested and qualified buyers. From there, the lottery is scheduled to take place Tuesday, June 19th with contracts for selected buyers beginning June 21st.
The first for-sale condominiums in the Union Station neighborhood, The Coloradan boasts outstanding views of downtown, Coors Field and the mountains, and will feature thoughtfully curated ground floor retail and restaurants. Amenities for all residents include a rooftop pool deck and club room, a fitness room, an owner’s library, a garden terrace, and Denver’s fastest internet in a residential building. In addition, The Coloradan will be LEED Gold and Certified Healthy, a Denver-based certification program that recognizes exceptional projects that integrate stringent wellness standards and encourage healthy lifestyles. Construction of The Coloradan is scheduled to be complete in Q4 2018. For more information, visit www.TheColoradan.com.
For additional information about affordable housing in Denver, visit www.denvergov.org.
About East West Partners
East West Partners is devoted to building, selling, managing, and supporting high-quality real estate. Since 1986, the firm has developed and sold over $3 billion of residential and commercial real estate. Their most recognizable local project is Denver’s Riverfront Park, a 25-acre development that transformed the Central Platte Valley into Denver’s hottest new community. East West Partners is also responsible for the renaissance of downtown Denver’s city center, taking the lead on the development of the Union Station Neighborhood. For more information on East West Partners, visit www.ewpartners.com.