Developer Jumps on Affordable Housing Bandwagon with $45-Mil Multifamily Project

DENVER-Locally based Developing Equities Group plans to break ground within a month on the $45-million, 320-unit Windmill Creek condominium project along the area’s southeast corridor.

The project is near Dove Valley, where the Denver Broncos practice. Units in the first phase are priced from $116,000 to $149,900, making it one of the most affordable new projects planned along the tight southeast corridor, says Peter Neukirch, president and CEO of the Southeast Business Partnership. The first phase will consist of 80 units and is slated for completion by the end of 2001.

Under a program that Neukirch hopes will serve as a model for other developers, Developing Equities has marketed the first phase to southeast business partners. It has been marketed to Douglas County schoolteachers, entry level clerical workers at Oppenheimer Funds, Merrill Lynch, American Century Investments and Great West Life Assurance Co., as well as retail workers from nearby stores. “This is another significant achievement by the Southeast Business Partnership,” Neukirch told GlobeSt.com. “It’s a milestone toward our goal of providing affordable housing for our primary workers, those earning $10 to $20 an hour.”

The project has taken two years of negotiations and planning. “This program has been planned and designed with the SEBP Primary Worker’s housing vision in mind and has come to fruition with the developer’s desire to satisfy this very important housing need,” says Jeffrey Kirkendall of Developing Equities Group.