Aurora’s Edge at Lowry apartments, once at the center of presidential candidate Donald Trump’s claims of a Venezuelan gang takeover, have been vacant for over a year. However, new life could soon be coming to the complex. The East Colfax Community Collective, a coalition of neighborhood activists, has bought the property from its previous owner, CBZ Management, with plans to turn it into affordable housing.
A New Chapter for the Complex
The collective, also known as EC3, aims to create a community-owned model that puts renters in charge and removes the profit motive from real estate. The group has already begun meeting with former tenants to discuss their priorities, which include safety, maintenance, and affordability.
EC3 scraped together $4.4 million to purchase the complex through loans and grants, including $2.1 million from the Impact Development Fund and $1 million from the Colorado Trust. The group plans to apply for state tax-credit financing over the summer and anticipates spending $23 million in total to bring the property back to life.
The goal is to create high-quality, income-restricted housing for people making between 30% and 60% of the area median income. The building could reopen within the next couple of years, providing a much-needed affordable housing option for the community.
A Community-Led Effort
The trust that will run the property is governed by a committee made up of community members, with a majority of renters, who can fire EC3 if the group fails to deliver. This unique model puts the power in the hands of the community, ensuring that the property is managed with the best interests of the tenants in mind.
Former tenants, who had previously complained of mold, broken appliances, and rodents, are hopeful that the new ownership will bring about positive change. One former tenant, Moises Didenot, said that if the price were right and the complex were well-managed, he would consider returning.
The purchase of the Edge at Lowry apartments is a significant expansion of EC3’s mission to preserve rental housing in the East Colfax corridor. The group already runs a nearby 14-unit building and is committed to creating affordable housing options for working-class people in the area.
Original reporting: Denverite — read the source article.
