For the past 40 years, the site, at 22nd and Market streets, was the home of the Premier Tire store. But the city upgraded the area and removed angled parking along the street, making it impossible for the store to turn its trucks around. The store moved to an industrial area near I-70.
The Corum Real Estate Group has the land under contract, but hasn't yetclosed on it.
Under the zoning, 10% of the units would be ''affordable,'' which provides a formula for renters who earn less then the area median income.
Councilwoman Debbie Ortega says she thinks it will be a good project and is glad 10% of the units are targeted for those with lower incomes. But if she had her druthers, she wishes developers would build lower-priced units that weren't aimed only at people at the top of the income scale.
''When you stop and look at our affordability crisis, developers are really part of the problem, although they don't see it that way,'' Ortega tells GlobeSt.com. ''But when they're creating nothing but high-end housing,it has a ripple effect throughout the community.''
Corum, if it closes on the property, would join a large number of otherapartment develorers in the area, including JPI, Lincoln Property, PostProperties and Legacy Partners.
Corum, based in Denver, developed the Midland Lofts Downtown, the 450-unit Legacy Ridge in Westminster, owns the historic US Bank building on 17th Street and has the Denver Club office building at 17th Street andGlenarm Place under contract. It also developed about 1,300 affordable rental units for ski resort employees in the mountains.
Architect Chris Shears, a principal of Shears-Leese Architects in Lower Downtown, is working with Corum as well as the owners of Premier Tire. He says the apartment community on the tire site likely would include several buildings, ranging in size from five to eight stories. It would be built primarily out of brick and would fit in well with the historic Burlington Hotel next door, which has been converted into a non-profit apartment complex for low-income renters.
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