TWG, a commercial, market rate, affordable and senior housing development firm, has announced construction of the building at Residences at Durango. The new $35 million project is a multifamily 120-unit affordable apartment community coming to Durango.
A old hotel has been transformed into a new affordable multifamily development. The hotel will be transformed into 72 studio, one-, and two-bedroom flats. Additionally, two three-story structures with two- and three-bedroom possibilities, adding an additional 48 units. Each unit is limited to families earning 30-60% of the local median income (AMI) or less.
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This apartment complex will have a business centre, fitness facility, central laundry facility and a playground. Furthermore, picnic space, common area internet, and will be an NGBS Bronze community.
TWG has turned an old hotel into affordable housing for the first time in this town. The City of Durango deliberately chose TWG through an extensive process for the renovation of the former hotel into an affordable housing complex.
“As construction begins on Residences at Durango, TWG embarks on a new journey of multifamily affordable housing.” Ryan Kelly, Vice President of Tax Credit Development said. “This unique deal required the talent and passion of so many. Furthermore, we are excited to partner with the City of Durango to transform the site of this former hotel into a flourishing living community.”
“The Residences at Durango motel conversion project is part of the City’s strategy to address housing challenges throughout our community.” Eva Henson, Housing Innovation Manager for the City of Durango expained. “Housing is a top priority for our City Council. Additionally, 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.”
