CREJ

December 2018 \ BUILDING DIALOGUE \ 55 costs. Apartments under the program will be deed restricted for a minimum of 30 years and are ex- pected to range from $650 to $1,500 per month de- pending upon unit size. They will be designed for families with incomes ranging from approximately $38,000 to $54,000 per year. Developing attainable housing is more compli- cated and less profitable than building market-rate products. Fewer developers rise to the challenge—es- pecially in today’s strong development cycle. Ridge- Gate has the advantage of its large scale of land owner- ship at a low basis in order to help these projects work economically. Additionally, these projects are expected to receive low-income housing tax credit financing, ad- ministered through the Colorado Housing and Finance Authority. Attainable housing projects in RidgeGate are expected to perform well in the highly competitive pur- suit of LIHTC financing, given the need in the region and RidgeGate’s transit-adjacent project locations. RidgeGate is also exploring additional attainable hous- ing that might not necessarily be structured as formal LI- HTC-financed projects. One such example is a joint ven- ture project that RidgeGate is pursuing with Powered by Prescient (PbyP), a subsidiary of the Prescient building technology company. Prescient offers a comprehensive building solution that significantly reduces costs, execution risk and time- line. The Prescient system begins with its proprietary dig- ital software that translates the design to its automated off-site manufacturing facility. The components are then shipped to the job site where they are assembled, resulting in fully framed floors at a rate of one full floor per week. Together with PbyP, RidgeGate plans to develop a project located adjacent to the Sky Ridge light-rail station on the west side of I-25. The project is expected to incorporate nu- merous amenity spaces and rooftop decks as well as retail space at the ground level facing the light-rail station. \\ ksimon@coventrydevelopment.com ELEMENTS Attainable Housing Yale Station Apartments Denver – LIHTC senior project “The city is hopeful this plan can begin to address the housing needs of the essential workforce community including first responders, school personnel and medical staff.” - Jackie Miller, Mayor of Lone Tree