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DENVER-A $28-million housing and retail complex is in the works for the Montbello neighborhood in the city’s northeast quadrant.

Developer Ken Walker’s preliminary Sable Ridge plans call for 60 senior citizens’ apartments, 30,000 sf of office and retail space, 20,000 sf of retail pads and 40 townhomes or condominiums. The project is situated at the intersection of Chambers Road and Andrews Drive, just north of Interstate 70.

To develop the affordable-housing project, Walker is getting $3.5 million in financing from Fannie Mae. The Fannie Mae financing marks the first time Denver has tapped an available $10-million line of credit.

“This new partnership for a mixed-income, mixed-use development is a recipe for success,” Denver Mayor Wellington Webb told GlobeSt.com. “Sable Ridge Plaza is the first of many investments for housing and neighborhood developments in the city and county of Denver.” He emphasizes the city needs to reach beyond public dollars “to accomplish the goal of creating viable housing options through neighborhood development for working people of all income levels.” US Bank is providing a letter of credit to enhance the debt investment from Fannie Mae.

Tony Hernandez, director of Fannie Mae’s Colorado Partnership Office, says many of the people who will live and shop at Sable Plaza Village will work at the nearby Denver International Airport. “Fannie Mae is strongly committed to addressing the crisis-level lack of housing and the need for neighborhood development” prevalent in the Denver region, says Hernandez. Denver’s Housing and Neighborhood Development Agency is managing the $10 million line of credit.

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