June 2025-Buena Vista’s Carbonate Street Development: A Model for Workforce Housing and Community Growth

Carbonate Street Development (May 2025).

The Carbonate Street Development, also known as The Midland Apartments, is nearing completion in Buena Vista, Colorado.

This public-private initiative aims to provide affordable housing and childcare facilities, addressing critical community needs.

A Vision Years in the Making

The project originated in 2015 when the Town of Buena Vista acquired land from the local school district, previously used as baseball fields. Recognizing the need for affordable housing and childcare, the town partnered with Fading West Development in 2022 to bring this vision to life.

Project Highlights

Affordable Housing: The development includes 60 income-restricted units: 30 studios, 24 one-bedroom, and six two-bedroom apartments. These are deed-restricted for residents earning between 80% and 120% of the Area Median Income (AMI), ensuring long-term affordability.
Childcare Facility: A 4,600-square-foot childcare center is being constructed alongside the apartments, addressing the town's shortage of early childhood education options. The facility's core and shell are being built by Fading West, with the town selecting an operator to complete the interior and manage operations.
Sustainable Design: The apartments are designed with energy efficiency in mind, featuring all-electric systems, solar-ready infrastructure, and Mitsubishi heat pump heating systems. These features aim to reduce utility costs for residents and promote environmental sustainability. Carbonate Street Apartments - Collective Clean Energy Fund

Community and Financial Support

The project's estimated cost is $17.6 million, funded through a combination of public and private sources:

Federal Funding: U.S. Representative Brittany Pettersen secured $1.28 million in federal funds to support the development.
State Grants: The Colorado Department of Local Affairs contributed $1.6 million through the Innovative Housing grant, and the Colorado Division of Housing provided an additional $1.3 million.
Local Investment: The Town of Buena Vista allocated $400,000 from its American Rescue Plan Act funds to the project. Ark Valley Voice
Private Financing: Additional funding was secured from organizations such as Collegiate Peaks Bank, Colorado Housing and Finance Authority, and the Colorado Clean Energy Fund.

Addressing Community Needs

Early Childhood Education Center
(May 2025).

Buena Vista has faced challenges with rising housing costs and limited childcare options. The Carbonate Street Development directly addresses these issues by providing affordable housing for middle-income residents and expanding childcare services. This initiative serves as a model for other communities grappling with similar challenges.

Looking Ahead

The Midland Apartments are expected to open in summer 2025, with pre-leasing already underway. The childcare facility is also slated to begin operations later in the year. As Buena Vista continues to grow, the Carbonate Street Development stands as a testament to the power of collaborative, community-focused planning.