ASPEN REAL ESTATE- Eleven new affordable housing units will be coming to Main Street.Aspen City Council on Monday unanimously approved the project for 518 W. Main St., (see "Feuding Sisters" April 2, 10 ADN article about sale of this property) brought forward by Fat City Holdings and Peter Fornell of Aspen. The project makes use of the affordable housing credit program Fornell helped create, which will allow him to sell housing certificates to other developers for mitigation. The project is on a lot currently containing a 19th century miner’s cottage and a garage. Fornell’s plan involves rehabilitating the home, turning it into two affordable housing units, and moving it to the southeast corner of the 7,500-square-foot lot. Then two buildings containing nine more units will be built on the parcel. There will be eight off-street parking spaces in the alley.Nine of the units will be category twos, meaning they are on the lower-income end of the local affordable housing system, which has seven categories. The other two units would be category threes. Most of the units will be two bedrooms, and will be offered for sale to qualified affordable housing purchasers.
By Curtis Wackerle, August 9, 2011 ADN
The storied old Victorian at 518 W. Main Aspen owned by the feuding Ilgens Sisters.