Major housing development breaks ground in Commerce City
PROJECT PROVIDES AFFORDABLE HOUSING, SUPPORTS RETAIL GROWTH
City council joined Dominium, a Minneapolis-based leading apartment owner, developer and manager, Thursday, October 26, in a groundbreaking ceremony celebrating the new North Range Crossings housing development near E. 104th Avenue and Sable Boulevard.
The new apartments will provide 216 units of affordable housing at 60 percent of Area Median Income (AMI) Workforce Housing which is estimated to increase the workforce resident base by 600+ people. For a single person, 60 percent AMI is an annual salary of $33,660 which is similar to entry-level teaching positions within the city.
The Commerce City Housing Authority partnered with Dominium to create a new ownership entity for the development and provided the project with certain tax exemptions which will assist in keeping rent costs at an affordable level on an ongoing basis.
“The housing authority takes great care in evaluating potential partners for these developments,” said Bruce Thomas, chair of the Commerce City Housing Authority board. “We saw in Dominium a dedicated, affordable housing owner and manager with the vision and commitment to deliver attractive and high-quality affordable housing, not just as an investor but as a community partner.”
City council also approved incentives, in the form of waived fees and tax breaks, which strongly influenced Dominium’s decision to move forward with the project. The development will support area growth and attract more retail such as sit-down restaurants, hotels, every day goods and services, entertainment and other anchor properties.
“These apartments will provide housing options for people working in the city such as teachers, counselors and skilled craftsman,” said Mayor Sean Ford. “This project helps fill a major gap in housing, one of city council’s goals, and demonstrates our commitment to support a growing community.”
Dominium has been working with city staff and the Commerce City Housing Authority during the last two years to finalize the project to its current state. A project presentation and discussion occurred during the March 20 council meeting. Construction is scheduled to be complete in January 2019.
Dominium estimates $57 million in capital investment and 450 construction-related jobs from the project. The property will feature 1-, 2- and 3-bedroom units, a clubhouse, fitness center, yoga area, community commercial kitchen, and business center.
“This area has seen extreme growth in the past few years and it is expected to continue, said Shaun Reinhardt, development associate at Dominium said in a press release. “North Range Crossings is in a prime location and will enable us to provide much-needed affordable housing to this growing community for years to come.”
#1 - Dominium executives, Commerce City Housing Authority board members and staff, and Commerce City City Council members participated in the North Range Crossings groundbreaking event on October 26, 2017. The new apartments will provide 216 units of affordable housing at 60 percent of Area Median Income (AMI) Workforce Housing.
#2 – Rendering of the North Range Crossings affordable housing development being constructed near E. 104th Avenue and Sable Boulevard in Commerce City. Construction is scheduled to be complete in January 2019. Photo courtesy of Dominium.