ASPEN REAL ESTATE – A developer is seeking to build 14 units of affordable housing on Main Street in Aspen that would be part of a new affordable housing credit program.Fat City Holdings, represented by local businessman Peter Fornell, wants to renovate a 19th century home at 518 W. Main St. into two apartments, move the existing home to the corner of the lot and build a multi-family building containing 12 apartments, all of which would go into the local worker housing program.Fornell would then turn to a new program he helped create, which allows developers to build affordable housing and then sell credits based on the number of full-time employees housed. The credits would be sold to other developers who need to provide affordable housing for their projects. Instead of building other housing or giving the city a cash payment, developers could purchase a housing credit from Fornell to satisfy the mitigation requirement. City Council approved the affordable housing credits program in March.Aspen’s Historic Preservation Commission, which has jurisdiction over the exterior appearance of buildings on Main Street, held a work session on Wednesday to review Fornell’s proposal.
By Curtis Wackerle, August 16, 2010 Aspen Daily News Staff Writer

Link to article

08/1610 Aspen Daily News, Fornell Housing Project courtesy of PBR Workshop