The change would likely primarily affect non-residential developers because a bill working its way through the Senate would let cities require income-restricted units.
Residential Real Estate
They listed the 125-year-old, nearly 9,000-square-foot mansion along Millionaire’s Row for $6.5 million after paying $900,000 for it in 2017.
“We take issue with the per-parcel as opposed to per-landlord licensing,” said a representative of the Colorado Apartment Association.
A proposal spearheaded by City Council President Stacie Gilmore would require owners to pay fees and pass inspections every four years.
A seven-story, 359-unit complex is planned for the 5.18-acre lot. Upsher-Smith Laboratories is laying off its 174 local employees.
A task force that includes developers is discussing what percentage make sense and what types of offsets and incentives would be needed to make it work.
The next four most expensive houses sold were in Denver, all between $4.9 million and $6 million.
The city will request proposals from developers after it changes the zoning at the corner of Washington Street and 50th Avenue from industrial to mixed use.
The applicant wants to build 275 units on a roughly 1.9-acre parcel currently zoned for industrial use.
The sellers, Denver-based Brue Baukol Capital Partners and LCP Development, bought the 3.9 acre property in 2016 for $12.7 million.