Dominium Begins Metro Denver Affordable Development
- Jan 05, 2021
Dominium has started the ground-up construction of South Range Crossings, a 204-unit affordable community in Parker, Colo. The development team includes Douglas County Housing Partners, Bryan Construction Group, PWN Architects, Winthrop & Weinstine and Commercial Partners Title Co. The $64 million project is slated for completion by spring 2022.
The community will take shape on a 11-acre site at 19130 J. Morgan Blvd. Upon completion, eight three-story buildings will house one- to three-bedroom floorplans ranging from 727 to 1,263 square feet. Amenities will include a clubhouse, a community kitchen, a fitness center, a swimming pool and hot tub, two playground areas and an outdoor lounge.
The project received financing from KeyBank in the form of a Freddie Mac forward tax-exempt loan, a tax-exempt construction loan and a taxable equity bridge loan. In addition, CREA provided equity investment in 4 percent federal low-income housing tax credits. The Colorado Housing Finance Authority also provided federal low-income housing tax credits, as well as housing revenue bonds worth $31 million, according to Yardi Matrix data.
The development site is some 27 miles from downtown Denver and 3 miles south of downtown Parker, just west of Parker Road. Various shopping, dining and recreational venues are within a 2-mile radius of the property.
South Range Crossings represents Dominium’s seventh property and fourth new construction project in Colorado. Last September, the developer opened two affordable communities totaling 468 units near Denver.