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DENVER-A Denver development team called Above Timberline LLC, plans to turn a derelict apartment building in one of Denver’s poorest neighborhoods into affordable housing. The eight four-plex complex at East 37th and East 38th avenues and Gaylord Street previously had been owned by Douglas Bruce, who authored the Taxpayer’s Bill of Rights, or TABOR Amendment, which limits the amount of property taxes that can be collected from homeowners.

The city alleged that Bruce had let the buildings fall into disrepair and they had become blight on the neighborhood. The city dropped the charges when it lost some evidence.

Above Timberline paid Bruce $1.52 million for the buildings and plan to invest at least another $1 million into the redevelopment.

Units will start at less than $120,000. It’s difficult to find any condominium, much less new construction for that price in Denver. However, they still will sell for more than $200 per sf.

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