CREJ

54 / BUILDING DIALOGUE / December 2018 ELEMENTS Attainable Housing Lone Tree, RidgeGate Embrace Attainable Housing A ttainable housing choices are essential to metro Denver’s continued econom- ic growth and development. In the Lone Tree/Douglas County region, the chal- lenge is even greater given the current median home price of over $600,000 and the median apartment rental price of approximately $2,000 per month. RidgeGate, the 3,500-acre mixed-use master planned community in Lone Tree that is home to the Sky Ridge Medical Center and the Charles Schwab Campus, recently received unanimous approval from the Lone Tree City Council for an attainable housing program to be implemented on the east side of Interstate 25 as RidgeGate con- tinues its build-out. The program pro- vides for a minimum of 350 housing units designated for households with earnings between 40 and 60 percent of the area median income. Residents 55 years and older will have access to 150 of those units. The remaining 200 units will be within walking distance of one of the two new Southeast Line light-rail stations nearing completion on RidgeGate’s east side. For RidgeGate, providing attainable hous- ing is essential to creating a responsible, comprehensive and thoughtful community. It also will provide employers in RidgeGate a competitive business advantage to attract and retain employees that earn lower wages. RidgeGate and Lone Tree have actually had alignment on the importance of attainable hous- ing since RidgeGate’s annexation into Lone Tree in 2000. However, both sides felt it was appropriate to wait until the light-rail extension was complet- ed so that residents would have affordable trans- portation choices as well. According to Lone Tree Mayor Jackie Millet, “The city is hopeful this plan can begin to address the housing needs of the es- sential workforce community including first re- sponders, school personnel and medical staff.” It is estimated that roughly 25 percent of house- holds are cost burdened, meaning that they pay more than one-third of their incomes in housing Keith D. Simon Executive Vice President, Coventry Development Corp. Park 17 Apartments Denver – Powered by Prescient project Prescient offers a comprehensive building solution that significantly reduces costs, execution risk and timeline.