Forest City is developing Stapleton, which will have a completed value of about $4 billion and is about three-quarters the size of Manhattan.
"After an intense competitive process, Forest City has selected Mercy to receive the first two acres of land it will donate to non-profit organizations to provide affordable rental housing at Stapleton," says Jacky Morales, Forest City's director of housing initiatives. "Mercy has brought together a strong team of architects and developers to design and build affordable housing that will add to the quality of life in the diverse urban neighborhoods now under construction at Stapleton."
"Mercy's housing at Stapleton will set a high standard for affordable development and will make a difference in the lives of some of Denver's low-income families," adds Jim Mercado, housing programs manager for Denver's housing and neighborhood division. "The City of Denver is pleased that Forest City has selected a non-profit organization with a strong record of success in building high quality affordable apartment communities."
Mercy Housing's development will include 50 to 68 affordable apartments. Odell Architects will design the property, closely following Stapleton's design guidelines and the input of the Stapleton Citizens' Advisory Board. Plans also include a community center with space for a computer laboratory and activities including after-school programs.
Mercy Housing expects to work with employees at a Sam's Club, Wal-Mart and Home Depot slated to open at Stapleton this summer.
"It is important that Stapleton's new employees in the service and retail sector also be able to call Stapleton home. This development will serve as a model for workforce housing," Kirschbaum says.
The 2000 Denver Metro Job Vacancy Survey found 73% percent of all metro Denver job openings are in the service and retail industry, with an average hourly wage of $12.70 and yearly salary just over $26,000. While Denver's average rent at $788 is nearly impossible for most service and retail employees to afford, rents at Mercy Housing's Stapleton property will allow families at this income level to afford their home and leave them with income for resources that many low-income families cannot afford because they pay such a large proportion of their housing on rent, she says.
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.
