A potential development along Animas View Drive is building in a way for homeowners to pay their mortgage.
All but one of the 13 townhomes proposed for 900 Animas View Drive would have studio apartments on the first floor, so buyers could rent out either the apartment or the townhouse to help pay their mortgage, developer Roy Newman said.
“I think they will be welcomed,” Newman said.
The model would solve two problems. It adds rental housing and it makes the townhomes more affordable, he said. He estimates renting out the studio could provide the homeowner $200,000 over the life of a mortgage, and renting out the townhome could provide $300,000.
The Durango City Council recently rezoned the property to allow the project to move forward, but it will face several more layers of review.
If approved, it would replace the warehouse that housed Rusty’s Welding Shop.
Newman praised the city staff for its help with the project, which is in the early design stages.
“They’ve given a lot of helpful advice,” he said.
Most of the townhomes are planned to be three stories tall.
The larger residential spaces would be about 1,800 square feet and have three bedrooms, not including the studio apartment.
In addition to providing rentals, the townhomes with studios could also appeal to those living with an older parent, or those with home-based businesses, he said.
A price for the units has not been set, but he expects the homes to compete with Crimson Cliffs, another townhouse project on Animas View Drive. Townhouses at Crimson Cliffs are listed for more than $400,000.
Newman has not set a timeline for the project, but he wants to be finished with city approvals by late summer or fall.
mshinn@durangoherald.com
