X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt. Apartments 2020Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.