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:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
