Redevelopers of old East Denver YMCA say they’ll “meet a promise to the community” with row homes priced under $375,000.
Row homes in Skyland Village are priced from $299k to the upper $600k listed by Bryon Horvath with Wild & Mild Homes as the Brokerage.
Redevelopers of old East Denver YMCA say they’ll meet promise to neighborhood with town homes priced under $375,000 rising from the site of the former East Denver YMCA north City Park to the $600,000s. (“Villas”)
“We meet just about every buyer’s price out there,” said listing agent Bryon Horvath of Wild & Mild Homes.
About a third of the 68 units planned for the site’s north side will be priced under $375,000, said Patrick Guinness, one of the Skyland’s developers. (All 44 units on the south side, with rooftop decks and two-car garages, will be high-end units.)
By comparison, the median price of a single-family home sold in metro Denver was $394,000 in February, according to the Denver Metro Association of Realtors.
New construction has strongly favored high-end offerings, too. Among new homes built in metro Denver last year, nearly seven in 10 were priced above $400,000, and 27 percent were $500,000 or more, according to data from Metro study.
“The market is good right now, but who knows what it will be a year from now,” Guinness said. “We feel more comfortable selling less-expensive units that more people can afford.”
Price attainability was also a source of concern for the surrounding neighborhood, which is largely made up of modest single-family homes, he said.
“We’re meeting a promise to the community,” Guinness said.
The 4.25-acre site, one block south of Martin Luther King Jr. Boulevard, has been the target of redevelopment for more than a decade.
The YMCA moved out in late 2004, a spokeswoman said, and the building has housed a boxing gym, among other uses, over the years.
A previous developer had proposed rezoning the property for five-story apartment buildings, something the neighborhood roundly opposed.
The current developers, Skyland Village LLC and Skyland Investment Group LLC, purchased the site in 2015, according to county property records. The Denver City Council approved a rezoning to allow homes up to three stories that same year.
Construction began last fall, and the first 42 townhomes — 20 on the north side and 22 on the south — are scheduled to be ready for move in this fall. Phase 2 could break ground later this year. Units range in size from about 800 square feet to 2,500 square feet.
The Denver Office of Economic Development is working with the developers to ensure the project meets its affordability requirement under the city’s now-sunsetted Inclusionary Housing Ordinance, a city spokesman said.
That ordinance, which was replaced by the city’s new affordable housing plan this year, required all new for-sale housing developments with 30 or more units to set aside at least 10 percent of the units for income-qualified buyers, make a cash-in-lieu payment or devise an alternative plan to provide affordable units.
By EMILIE RUSCH | firstname.lastname@example.org | The Denver Post
PUBLISHED: March 23, 2017 at 6:02 pm | UPDATED: March 24, 2017 at 8:30 am