TWG, a real estate development company specializing in commercial, market rate, affordable and senior housing developments, announces the construction of Residences at Durango, a new $35 million, affordable, multifamily 120-unit affordable apartment community coming to Durango.
The new affordable multifamily community is an adaptive reuse of a former hotel. The hotel is set to be converted into 72 studio, one- and two-bedroom units, and new construction will add two three-story buildings, with two- and three-bedroom options, adding an additional 48 units. Each unit is restricted to families with incomes ranging from 30-60% of the area median income (AMI) or less.
This apartment community will provide a wide range of amenities including a business center, exercise facility, central laundry facility, playground, picnic area, common area wifi and is an NGBS Bronze community.
This community marks the first time TWG has converted an existing hotel into affordable housing. TWG was carefully selected by the City of Durango through an in-depth process for the conversion of the former hotel into an affordable housing community.
“As construction begins on Residences at Durango, TWG embarks on a new journey of multifamily affordable housing,” said Ryan Kelly, Vice President of Tax Credit Development. “This unique deal required the talent and passion of so many, and we are excited to partner with the City of Durango to transform the site of this former hotel into a flourishing living community.”
Residences at Durango is made possible through partnerships with the Colorado Housing and Finance Authority (CHFA), R4 Capital, Colorado Division of Housing, the City of Durango, Project Moxie and RCH Jones.
“The Residences at Durango motel conversion project is part of the City’s multi-pronged strategy to address housing challenges throughout our community,” explained Eva Henson, Housing Innovation Manager for the City of Durango. “Housing is a top priority for our City Council, and increasing the community’s inventory of below-market housing units is crucial to ensure that everyone in Durango has a secure, affordable place to call home.”