Inca Commons Marks Elevation’s First Condo Development Project
In partnership with Shanahan Development LLC and Elevation Community Land Trust (ECLT), Urban Land Conservancy (ULC) purchased an 18,000 square foot site located at 801 W. 6th Avenue in Denver’s Santa Fe Arts District for the development of affordable for-sale homes. The $1.8 million acquisition will support a mixed-use development, with commercial space and 92 for-sale condominiums, with at least 86 permanently affordable units for households earning $40,000 to $72,000 in annual income.
Inca Commons will be developed by Shanahan Development, who identified the centrally located site for a mixed-use affordable development. This new development will serve as an example of how to provide homeownership opportunities for individuals and families who face too many barriers in the current housing market. It will provide homes for individuals and families earning up to 80% of the Area Median Income (AMI) and will include studios, two- and three-bedroom units as well as 4,000 square feet of commercial space.
ECLT provided significant equity into the project to subsidize the price of the 86 affordable condominiums with price points below $200,000. Once the homes are developed and sold, ECLT will take on the ownership and stewardship of the land in a 99 year ground lease. The homes will be part of ECLT’s community land trust and remain permanently affordable for future buyers as the homes are sold and purchased.
“Elevation was created to increase the supply of permanently affordable for-sale housing across the Metro Denver region,” said Stefka Fanchi, President & CEO of Elevation Community Land Trust. “This is an incredible example of the strength behind partnership. Together with Urban Land Conservancy and Shanahan Development, we are creating a much needed affordable housing option for people looking to enter into homeownership.”
Inca Commons is ULC’s third acquisition using the newly created Metro Denver Impact Facility (MDIF). The revolving source of loan capital was created in 2018 in partnership with FirstBank, the Colorado Health Foundation, The Denver Foundation, The Colorado Trust and Colorado Housing and Finance Authority (CHFA). MDIF will grow to become a $50 million resource to support ULC’s real estate acquisitions to create and preserve the affordability of housing, community serving space, schools and nonprofit facilities.
Inca Commons is expected to break ground in the third quarter of 2019, with units expected to be available for purchase in late 2020. Learn more about the project in this recent article in Next City.