Denver metropolis officers obtained the official inexperienced mild Monday to hold out a fancy $19.three million buy deal that can end result within the switch of two Colorado Division of Transportation administration properties to a personal developer.
However plans for 200 or extra flats reserved for qualifying lower-income households and the aged in southeast Denver aren’t but assured, regardless of pledges made by the developer and approval granted by the Metropolis Council on Monday night time for the acquisition agreements.
The Kentro Group, which is footing the complete value to purchase the properties, nonetheless should return to the council in coming months to request new zoning for one web site, at 4201 E. Arkansas Ave., that now’s house to CDOT’s headquarters. It lacks zoning that may help Kentro’s housing and retail plans.
On the opposite property, which accommodates a CDOT regional workplace at 2000 S. Holly St., the developer’s plan to incorporate assisted-living housing as half of a bigger market-rate growth depends upon acquiring an adjoining fuel station, a consultant informed a council committee final month.
All informed, Kentro’s most up-to-date estimate to the council was that it might construct 360 to 410 houses throughout the 2 websites. A metropolis finance spokeswoman has stated most models are anticipated to have two or three bedrooms.
CDOT plans to desert each properties this 12 months when it strikes its headquarters and Area 1 workplace into a brand new $70 million constructing southeast of the West Colfax Avenue and Federal Boulevard interchange.
Councilman Paul Kashmann, whose District 6 contains the properties, says a compressed timeline to iron out these unresolved points — the town, Kentro and CDOT plan to execute the property transfers by mid-2018 — would require heightened coordination inside metropolis authorities in addition to strong neighborhood outreach to deal with considerations akin to visitors.
“We want metropolis companies entrance and middle,” he informed Mayor Michael Hancock throughout a mayor-council assembly final month. Hancock assured him that may occur.
On Monday, after the council permitted the acquisition deal’s elements in a block vote, Kashmann stated he noticed the potential for redevelopment that advantages his district.
Supplied by Google MapsThe Colorado Division of Transportation’s headquarters is proven at higher left, and the Area 1 constructing is at proper.That is likely to be simpler, he stated, for the 11-acre web site of CDOT’s Area 1 workplace, which is on Holly close to Evans Avenue. Kentro’s latest plans name for 160 to 180 market-rate townhouses, and it additionally needs to construct 50 to 80 assisted-living models — relying upon whether or not it will probably purchase the fuel station, too.
However Kashmann stated plans for the 12-acre CDOT headquarters web site on Arkansas, east of Colorado Boulevard, confronted extra challenges. That features the necessity to rezone the property from a campus designation to mixed-use zoning, a course of that features public hearings earlier than an final council vote.
Kentro has stated its plans there name for 150 flats, plus business growth on the western portion of the positioning.
“The potential density that the developer goes to really feel he must make his prices (for the property) might result in a scenario that, if not managed accurately, creates substantial impacts,” Kashmann stated, referring to the $14 million buy worth for that web site as a part of the $19.25 million deal.
To assist information redevelopment of the websites, the town took benefit of a state regulation that offers authorities entities the primary crack at shopping for accessible CDOT properties. Metropolis officers chosen Kentro in a aggressive course of final 12 months after Kentro proposed redevelopment plans that integrated inexpensive housing.