Construction begins on 92-unit income-restricted condo building in Lincoln Park

La Tela groundbreaking pic

Mayor Michael Hancock was among those who spoke at last week’s groundbreaking ceremony. (Courtesy City of Denver)

La Tela rendering

A rendering of the La Tela building. (Courtesy Elevation Community Land Trust)

A five-story condo building in Lincoln Park that will be restricted to those earning up to 80 percent of the area median income has broken ground.

A groundbreaking ceremony was held last week for La Tela, which is going up at 603 N. Inca St., a corner lot along 6th Avenue. The project is being developed by the Elevation Community Land Trust and Shanahan Development; the Urban Land Conservancy is also involved.

La Tela will feature 64 studios, 24 two-bedroom units, and four three-bedroom units, ranging in size from 352 to 1,050 square feet. It also will have some ground-floor commercial space.

All the units will be reserved for buyers making up to 80 percent AMI, which currently translates to $54,950 for a single-person household or up to $78,500 for a four-person household. Initial pricing for the units ranges from $149,900 to $199,900.

Condo projects in Denver have been relatively rare recently despite the city’s development boom, a situation largely attributed to concerns over construction defects litigation, which lawmakers have tried to address. And the vast majority of condos that have been built have been market-rate, priced out of reach of much of the city’s population.

The La Tela project utilizes a land trust model, in which homeowners purchase the improvements and ECLT will maintain ownership of the land, leasing it back to owners under a 99-year renewable land lease. The units will remain income-restricted as they are bought and sold.

Denver’s Department of Housing Stability provided a $3.68 million loan from the city’s Affordable Housing Fund. The project also received other public finance funds from the Colorado Department of Local Affairs, as well as a private philanthropic subsidy from ECLT.

The project is expected to be completed by May 2021.

“It has been a personal passion of mine to bring affordable homeownership to educators and other essential working households in Denver; we are grateful for the partnership with Elevation CLT, the Urban Land Conservancy, and so many other public and private entities that have made La Tela a reality,” Jeff Shanahan, of Shanahan Development, said in a statement.

The 0.41-acre lot was previously home to an auto body shop. The Urban Land Conservancy purchased it in December 2018 for $1.8 million, according to public records.

La Tela groundbreaking pic

Mayor Michael Hancock was among those who spoke at last week’s groundbreaking ceremony. (Courtesy City of Denver)

La Tela is going up along 6th Avenue.

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