{"id":11,"date":"2026-05-07T15:38:40","date_gmt":"2026-05-07T15:38:40","guid":{"rendered":"https:\/\/coloradospringsmoverss.com\/?p=11"},"modified":"2026-05-07T15:38:40","modified_gmt":"2026-05-07T15:38:40","slug":"council-vote-gives-lifeline-to-thousands-of-planned-denver-apartments","status":"publish","type":"post","link":"https:\/\/coloradospringsmoverss.com\/?p=11","title":{"rendered":"Council vote gives lifeline to thousands of planned Denver apartments"},"content":{"rendered":"<div>\n<div><strong>Getting your Trinity Audio player ready&#8230;<\/strong><\/div>\n<div>\n<p>Brad Buchanan and his planning department have convinced Denver City Council to bring 23,000 planned housing units back to life.<\/p>\n<p>Read more <a href=\"https:\/\/coloradospringsmoverss.com\/?p=9\">State investment bill backed by \u2018secret memo\u2019 dies in committee<\/a><\/p>\n<p>\u201cIt\u2019s a strategic, tactical, right-minded response to what\u2019s going on in the marketplace today to support our housing goals,\u201d said Buchanan, the executive director of Denver\u2019s Community Planning and Development department.<\/p>\n<p>The council voted unanimously Monday evening to give projects that received approval of their site development plans before the end of 2025 another three years to obtain building permits.<\/p>\n<p>Currently, developers have 30 months from the time their project\u2019s site development plan is approved to obtain building permits to begin construction. Otherwise, their SDP expires, and they must resubmit it if they hope to build.<\/p>\n<p>\u201cI don\u2019t see one council district that\u2019s not impacted by this proposal,\u201d Councilwoman Amanda Sandoval said at the meeting. \u201cAnd that was what was appealing to me to put this forward.\u201d<\/p>\n<p>\u201cIf we could put 23,000 more units into Denver, I\u2019m all about that,\u201d she added.<\/p>\n<p>Denver\u2019s apartment market is out of equilibrium. A record number of apartments have been constructed over the past few years. The most came in 2024, when the city added 10,500 units, according to the Apartment Association of Metro Denver. That represents a nearly 7% increase in the city\u2019s entire apartment supply.<\/p>\n<p>Read more <a href=\"https:\/\/coloradospringsmoverss.com\/?p=7\">Military\u2019s selection of Buckley base as possible site for nuclear microreactor spurs questions in Aurora<\/a><\/p>\n<p>As a result, Denver\u2019s vacancy has increased rapidly over the past two years, from 4.8% in the first quarter of 2022 to 8.3% at the same time this year \u2014 the highest since 2010. Rents, meanwhile, are the lowest they\u2019ve been in five years. That environment, coupled with high interest rates and construction costs, has slowed new groundbreakings to a crawl.<\/p>\n<div>\n<\/div>\n<p>Buchanan said these factors pushed him into action.<\/p>\n<p>\u201cThis is a unique moment in time,\u201d he said. I\u2019ve been working in Denver for over 40 years. I\u2019ve never seen an opportunity like this before for us to help the market, to support the creation of housing sooner and to avoid the inevitable reality of rent spikes if we don\u2019t act.\u201d<\/p>\n<p>\u200b\u200bMany of the projects given a lifeline by this week\u2019s vote were submitted in the months before the July 2022 implementation of the city\u2019s Expanding Housing Affordability ordinance, which requires new residential projects to reserve between 8% and 15% of their units for people making below the median income or pay a large fee.<\/p>\n<p>\u201cThis is an opportunity for us to evolve into a mature marketplace where rent is increasing at a rational rate of a percent or two a year, and mirroring wage growth so that real estate investment is profitable and our residents can afford their housing,\u201d Buchanan added.<\/p>\n<p>Read more <a href=\"https:\/\/coloradospringsmoverss.com\/?p=1\">Hello world!<\/a><\/p>\n<div>\n<\/div>\n<p><em>Read more from our partner, BusinessDen.<\/em><\/p>\n<p><em>Get more business news by signing up for our Economy Now newsletter.<\/em><\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Denver City Council voted unanimously Monday to give projects that received approval of their site development plans before the end of 2025 another three years to obtain building permits.<\/p>\n","protected":false},"author":1,"featured_media":10,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-11","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - 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