Local Developer Starts 2020 With A Boom
Jan 29, 2020
The real estate development company recently announced it closed financing on a 216-unit workforce housing community in Westminster, purchased a 15K SF retail building at Seventh Avenue and Lincoln Street in Denver, and last month purchased a 12.5K SF building at 709 South University Blvd.
The $55M workforce housing community, called St. Mark Village, will replace a vacant lot at 97th Avenue and Federal Boulevard. Charlie Woolley, founding principal and president of St. Charles, said the project has been in the pipeline since the fall of 2017. It is expected to be completed mid-2021. “It takes an enormous amount of time to put an affordable development together. Sites aren’t easy to come by and the neighborhood outreach for communities like ours in Westminster takes incredible time,” Woolley said. This project will be St. Charles’ third with Citi Community Capital and equity investor City Real Estate Advisors, which is owned by Omni. The majority of its units will have two and three bedrooms, allowing it to serve families. Woolley said that this project, along with any other workforce units that St. Charles’ develops, will lease at, or prior to, completion, as the demand for affordable housing won’t be met “for at least a decade.”