Thrive, aided by land donations from Forest City Stapleton and contributions from Denver's affordable housing fund, plans to build 165 income-qualified townhomes known as the Elements Collection.

 

The two-bedroom townhomes, at 1,213 square feet, will run $172,900, while the three-bedroom homes, at 1,330 square feet, will go for $199,900. All of them will put Forest City Stapleton closer to meeting city requirements of having 10 percent of for-sale homes permanently affordable.

 

Buyers must make under 80 percent of the city's median annual income, which for a two-person household is $51,150. And they must agree to deed restrictions on future sales.

 

But for those who qualify, the admission price into Stapleton is less than half the $490,000 median home price that the community commands, according to Zillow.

 

So how is Thrive, formerly known as New Town Builders, able to build and sell at a price point so much lower than everyone else?

 

For starters, Denver is directing money from its affordable housing fund that larger developers pay into in lieu of making a tenth of their new units affordable.

 

But that contribution isn't enough.

 

 

Forest City is giving Thrive the land the homes will sit on, a big money-saver. Thrive also is using the expertise it has developed from building in Stapleton the past 13 years.

 

Thrive built 65 market-rate townhomes in Stapleton last year, and its three row home models range from $289,950 to $364,950, considered an entry-level price point for that community.

 

Foundations offer an example of how costs can be saved. They are the same for the two- and three-bedroom floor plans, making it much easier for subcontractors to pour them.

 

Myers emphasizes that the new townhomes won't suffer from the shortcuts that sometimes plague affordable projects. They will come with the 9½-inch-thick walls and energy-efficient design..  Read the story