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$35M affordable housing project approved for Southeast

El Paso County commissioners have approved tax breaks for a 137-unit affordable housing apartment complex in the city’s Southeast. Colorado Springs Urban Renewal Authority will oversee the project, to be built by the Kansas-based Cohen-Esrey Development Group. Construction on the four-story, $35 million development at the intersection of South Academy Boulevard and Verde Drive — called the Lofts at 1609 — is slated to begin in late October or mid-November. It’s expected to be complete in May 2023. The complex will include one-, two- and three-bedroom apartments, with rents ranging from $459 to $1,485 a month — 17-25 percent lower than market rate.  They’ll be available to tenants earning up to $57,000 annually.

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