“The Denver City Council stopped a huge project in its tracks Monday night when it killed a developer’s request for new building guidelines on two Five Points lots.
Austin-based Cypress Real Estate Advisors wanted to build 650 homes — 65 of them priced below-market — in apartment buildings up to 12 stories high with ground-floor businesses in the neighborhood’s RiNo district. The project would have replaced two sites occupied by AFTCO food processing plant and what the home builder called a “dilapidated” self-storage building at 3275 and 3315 Denargo St.
Council members on separate sides of the issue said they wanted the same thing: affordability. They differed on how to get there — take what you can get in a city that can’t legally force developers to build affordable units, or deny new homes and businesses to send a message and hope for concessions?
The developer voluntarily added rental homes priced for people making at most 80 percent of the median income, or up to $72,000 for a household of three. Cyprus signed an agreement with the Department of Housing and Stability. But the high ceiling was not enough to gain a majority of votes.”
read the entire article
Sachs, David. Denverite 11 May 2020.