New construction in transitioning neighborhoods can often price out current residents.  But the Denver Housing Authority wants help change that with a plan to redevelop an old patch of land – currently known as “the tank farm” - to include affordable housing.

In this redevelopment project 70-year-old homes are being torn down and rebuilt, and the residents are not getting priced out. Ryan Tobin, Denver Housing Authority's Real Estate Investment Officer said they felt it was time to redevelop this to have a long-term sustainable impact in Sun Valley.

Phase one of the Sun Valley redevelopment is complete. High rise units called "Gateway North" and "Gateway South" have opened. The first phase is for people 60% of area median income (AMI), meaning the same people who qualified for the demolished units, qualify for the new units.

What is 60% AMI?

·      One person: $42,000 annual income

·      Two people: $48,000

·      Three people: $54,000

·      Four people: $60,000

·      Five people: $64,800

·      Six people: $69,600

Tobin said that what is happening at 10th and Decatur is really the first phase of seven buildings that are being built here to replace the existing units. For every bedroom being demolished, a new one is getting built, and then some. Some of the units will be offered at whatever rent the market demands, along with the income-restricted units.

"It's kind of an intersection of opportunity between the old blight that's really been a stigma on the neighborhood, being the 'tank farm,' and now a new housing development that has just started construction in March, which will serve 135 families out here," said Tobin.

Sun Valley is undergoing some exciting changes and improvements. If you’re interested in checking out this lesser-known Denver neighborhood, give Metrowest a shout – we’d love to show you around!