Luxury condo site in Colorado Springs…
Luxury condo site in Colorado Springs being remade into nearly 200 units of affordable housing
Jan. 22, 2024
Article by Debbie Kelley
In a unique approach, three Colorado Springs nonprofits well known in the affordable housing arena have combined their brain power, leadership, money and good name to add much-needed stock for very-low to low-income residents.
The Bentley Commons expansion in southeast Colorado Springs is meaningful for the organizations as well as the community, said Mary Stegner, executive director of Partners in Housing, which operates nearly 70 transitional housing units and supportive services to families that are homeless or in danger of homelessness. It’s one of the organizations leading the development.
“It’s hard for people to understand how exciting this is; it’s finally happening,” she said.
Greccio Housing, which leases affordable rentals in 28 apartment developments, and Rocky Mountain Community Land Trust, which offers affordable home ownership programs for households with modest incomes, are the other partners in the trio of project orchestrators.
Drone footage of the 7-acre site off Hancock Expressway near South Academy and Astrozon boulevards shows the scope, commitment and complexity of the project that’s been 15 years in the making, Stegner said.
Originally constructed as luxury condominiums leasing for $300,000 apiece when completed in 2007, the developer went bankrupt as the Great Recession took hold and the housing market plummeted.
