A St. Louis company proposing to redevelop the former Oxford building on State Street into 25-30 one and two-bedroom apartments got a warm reception from the Commerce City Council Monday night.
Jim Markel of JES Holdings told the council at its monthly “work session” meeting that he came across the building, which has been vacant for decades, on the state historical registry.
The key for his company, Markel said, will be to get approval of housing credits from the Department of Community Affairs. The application must be presented by May.
The city owns the building. Markel estimates that the restoration would cost $8 to $9 million. The apartments would cost $500 to $600 per month to rent, which Markel called “entry level workforce housing” that he said would appeal to young workers and perhaps retired couples or individuals. There will be no rent subsidies, he added.
“We own and manage for the long-term,” he said. Tenants would “need to be able to pay the rent, pass the background check and pay the utilities.”
For the full story, see the March 5 issue of The Commerce News.