Carbonate Street Development

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Project title: Carbonate Street Development

Project purpose or justification: With vacancy rates for rental properties falling below 5%, the average Chaffee County tenant has seen a 43% increase in their rental agreement since 2016. In response, 110 Low Income Housing Tax Credit (LIHTC) units have been constructed; however, they exclusively serve households earning less than 60% of the Average Median Income (AMI). A recent Housing Needs Assessment (HNA) indicates that 91% of Chaffee County households still view home-ownership as, "out of reach." In fact, area experts recommend 440 new rental units (county-wide) simply to ‘catch up’, or balance the rental market. The problem boils down to this: More than half of Chaffee County residents (61%) are caught in between subsidized housing options, meaning they are either unable to afford the market-rate for home ownership and they make too much money to qualify for the available rental assistance. In the end, finding a place to live in Chaffee County is extremely difficult.

Project scope: Carbonate Street is composed of two phases.

Phase I of Carbonate Street directly addresses the first, second, third, and fourth desired outcomes by creating 60 deed restricted housing units partially owned by the Chaffee Housing Authority along with a stand-alone childcare center building. The Affordability Covenants (i.e. ‘deed restrictions’) create a structure and allow for master leases to local businesses for their employees, and the RFP for childcare services discussed later herein states a prefence for serving children 0-5 years old. Early in the site planning and community engagement process (Spring of 2022), it was determined by the Board that a commercial space in Carbonate Street outside of childcare was infeasible.

While Phase I required a single owner (an entity jointly owned by the Chaffee Housing Authority and Fading West) for all 60 rental units, Phase II offers the opportunity to allow for individual ownership of the finished housing units.

Carbonate Street Phase II will

For Sale: 29 Units

13-3 Bed/ 3 Bath

16-2 Bed/ 2 Bath

Parking:

Off-Street Parking: 33 Spaces

On-Street Parking: 30 Spaces (Along Carbonate Street)

Project objective: Directly targeting the local need, The Carbonate Street Project will be a public-private partnership in which the Town contributes the land, and a private-sector developer builds and manages the buildings. The Buena Vista Board of Trustees has approved the development of two parcels of land for attainable and workforce housing. The desired outcomes of development on the Carbonate Street Lots are based on the data collected, and should be affirmed (or tweaked) by the Board to guide the actions taken regarding the development of Lots 1 and 2.

Project deliverable:

  1. Create a minimum of 65 new units of various types of housing with rents or sale prices serving households earning between 60 – 140% AMI. No short term lodging allowed; condominiums prohibited in perpetuity through either a ground lease or deed restriction.
  2. Preferential treatment for local employers and employees in tenant selection process and criteria.
  3. Long-term ownership & management turned over to Chaffee Housing Authority.
  4. New childcare space built to serve children 0 – 5 years old.
  5. New commercial space(s) built aimed at cultivating and supporting local year-round entrepreneurs and businesses

Project stakeholders:

  • Town of Buena Vista,
  • Atmos Energy
  • Buena Vista Sanitation District
  • Buena Vista Town Attorney
  • Buena Vista Water Clerk
  • Chaffee County Fire Protection District
  • Aristata Communications
  • Sangre de Cristo Electric Association (SDCEA)
  • Buena Vista Public Works Department
  • Buena Vista School District R-31
  • Buena vista Engineering and Planning Consultant
  • Chaffee County Building Department
  • Charter Communications
  • Lumen (Formerly Century Link)
  • Fading West

Project timeline: A high-level overview of the project schedule, including significant milestones and deadlines.

Permitting - Complete

July 25, 2023 - The Carbonate Street Apartment Major Site Plan was unanimously approved by the Planning & Zoning Commission

General Funding - Complete

August 10- Mobilization
August 15- Start Construction
October 1- Project Complete
October 15 - Groundbreaking Ceremony

Project budget:

13 Different Funding Sources

Budget Impact: There may be up to $10,000 of consultant fees needed to survey and plat the easement vacation for the right of way adjacent to Lot 2. If the Board would like to proceed with Option 1 or Option 2, a budget adjustment of $10,000 utilizing ARPA funds is required. Larger budget impacts related to the development itself are a part of the proposed 2022 capital budget already.

Rep. Brittany Pettersen (Department of Housing and Urban Development)

Childcare and Community Projects Funding Grant

Project title: Carbonate Street Development

Project purpose or justification: With vacancy rates for rental properties falling below 5%, the average Chaffee County tenant has seen a 43% increase in their rental agreement since 2016. In response, 110 Low Income Housing Tax Credit (LIHTC) units have been constructed; however, they exclusively serve households earning less than 60% of the Average Median Income (AMI). A recent Housing Needs Assessment (HNA) indicates that 91% of Chaffee County households still view home-ownership as, "out of reach." In fact, area experts recommend 440 new rental units (county-wide) simply to ‘catch up’, or balance the rental market. The problem boils down to this: More than half of Chaffee County residents (61%) are caught in between subsidized housing options, meaning they are either unable to afford the market-rate for home ownership and they make too much money to qualify for the available rental assistance. In the end, finding a place to live in Chaffee County is extremely difficult.

Project scope: Carbonate Street is composed of two phases.

Phase I of Carbonate Street directly addresses the first, second, third, and fourth desired outcomes by creating 60 deed restricted housing units partially owned by the Chaffee Housing Authority along with a stand-alone childcare center building. The Affordability Covenants (i.e. ‘deed restrictions’) create a structure and allow for master leases to local businesses for their employees, and the RFP for childcare services discussed later herein states a prefence for serving children 0-5 years old. Early in the site planning and community engagement process (Spring of 2022), it was determined by the Board that a commercial space in Carbonate Street outside of childcare was infeasible.

While Phase I required a single owner (an entity jointly owned by the Chaffee Housing Authority and Fading West) for all 60 rental units, Phase II offers the opportunity to allow for individual ownership of the finished housing units.

Carbonate Street Phase II will

For Sale: 29 Units

13-3 Bed/ 3 Bath

16-2 Bed/ 2 Bath

Parking:

Off-Street Parking: 33 Spaces

On-Street Parking: 30 Spaces (Along Carbonate Street)

Project objective: Directly targeting the local need, The Carbonate Street Project will be a public-private partnership in which the Town contributes the land, and a private-sector developer builds and manages the buildings. The Buena Vista Board of Trustees has approved the development of two parcels of land for attainable and workforce housing. The desired outcomes of development on the Carbonate Street Lots are based on the data collected, and should be affirmed (or tweaked) by the Board to guide the actions taken regarding the development of Lots 1 and 2.

Project deliverable:

  1. Create a minimum of 65 new units of various types of housing with rents or sale prices serving households earning between 60 – 140% AMI. No short term lodging allowed; condominiums prohibited in perpetuity through either a ground lease or deed restriction.
  2. Preferential treatment for local employers and employees in tenant selection process and criteria.
  3. Long-term ownership & management turned over to Chaffee Housing Authority.
  4. New childcare space built to serve children 0 – 5 years old.
  5. New commercial space(s) built aimed at cultivating and supporting local year-round entrepreneurs and businesses

Project stakeholders:

  • Town of Buena Vista,
  • Atmos Energy
  • Buena Vista Sanitation District
  • Buena Vista Town Attorney
  • Buena Vista Water Clerk
  • Chaffee County Fire Protection District
  • Aristata Communications
  • Sangre de Cristo Electric Association (SDCEA)
  • Buena Vista Public Works Department
  • Buena Vista School District R-31
  • Buena vista Engineering and Planning Consultant
  • Chaffee County Building Department
  • Charter Communications
  • Lumen (Formerly Century Link)
  • Fading West

Project timeline: A high-level overview of the project schedule, including significant milestones and deadlines.

Permitting - Complete

July 25, 2023 - The Carbonate Street Apartment Major Site Plan was unanimously approved by the Planning & Zoning Commission

General Funding - Complete

August 10- Mobilization
August 15- Start Construction
October 1- Project Complete
October 15 - Groundbreaking Ceremony

Project budget:

13 Different Funding Sources

Budget Impact: There may be up to $10,000 of consultant fees needed to survey and plat the easement vacation for the right of way adjacent to Lot 2. If the Board would like to proceed with Option 1 or Option 2, a budget adjustment of $10,000 utilizing ARPA funds is required. Larger budget impacts related to the development itself are a part of the proposed 2022 capital budget already.

Rep. Brittany Pettersen (Department of Housing and Urban Development)

Childcare and Community Projects Funding Grant

Have questions about this project??

Have any questions, concerns, or suggestions about this Carbonate Street development concept? Ask away and we'll do our best to respond as quickly as we can.

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  • Share Hello There, Just a bit of feedback I am hearing from the community - $1200 plus utilities for a studio is really more than workers can afford. This appears to be over the 60-90% AMI that is mostly needed (based on the housing assessment). It makes sense that the original plan was to use town own land and grants to bring the cost down. Will this project move forward just the same? Has there been discussion on a lease to own structure between the town and the developer? Thanks! on Facebook Share Hello There, Just a bit of feedback I am hearing from the community - $1200 plus utilities for a studio is really more than workers can afford. This appears to be over the 60-90% AMI that is mostly needed (based on the housing assessment). It makes sense that the original plan was to use town own land and grants to bring the cost down. Will this project move forward just the same? Has there been discussion on a lease to own structure between the town and the developer? Thanks! on Twitter Share Hello There, Just a bit of feedback I am hearing from the community - $1200 plus utilities for a studio is really more than workers can afford. This appears to be over the 60-90% AMI that is mostly needed (based on the housing assessment). It makes sense that the original plan was to use town own land and grants to bring the cost down. Will this project move forward just the same? Has there been discussion on a lease to own structure between the town and the developer? Thanks! on Linkedin Email Hello There, Just a bit of feedback I am hearing from the community - $1200 plus utilities for a studio is really more than workers can afford. This appears to be over the 60-90% AMI that is mostly needed (based on the housing assessment). It makes sense that the original plan was to use town own land and grants to bring the cost down. Will this project move forward just the same? Has there been discussion on a lease to own structure between the town and the developer? Thanks! link

    Hello There, Just a bit of feedback I am hearing from the community - $1200 plus utilities for a studio is really more than workers can afford. This appears to be over the 60-90% AMI that is mostly needed (based on the housing assessment). It makes sense that the original plan was to use town own land and grants to bring the cost down. Will this project move forward just the same? Has there been discussion on a lease to own structure between the town and the developer? Thanks!

    Amy asked over 1 year ago

    Great input here. The affordability the Carbonate Street apartments can achieve is directly tied to the amount of subsidy in the project's capital stack. For example with this project, which will cost around $17.5M (including $800,000 for childcare building core & shell), we've managed to raise $3M, or about 16.8%, of subsidy. The 80% (studios) and 120% AMI maximum housing costs (which DOES include utilities) is the best we can achieve with this level of subsidy. For comparison, Low Income Housing Tax Credit projects (LIHTC) that serve 30-60% AMI households get 60-70% of their costs in subsidy, allowing them to charge lower rents. 

  • Share Hello again town. My last questions sent before I was done, so it is illegible. Probably best to disregard the last question! I've brought this up a number of times, so if this has been addressed by the Board of Trustees, of CHA, feel free to point me in that direction. I have presented this question to 5-10 people at different times and generally speaking - folks don't know what I am talking about. The prioritization schedule on page 10 of the CHA community guidelines appears to give substantial advantage to certain employers - government and non-profits. Is there any concern that this prioritization schedule will prevent frontline workers, business owners, recreational guides, managers, etc. from being housed? If these are the deed restrictions moving forward - has anyone expressed concern that frontline workers, etc. are unlikely to have access? #housingequity #Carbonate #CHA #deedrestrictions #BVBOT on Facebook Share Hello again town. My last questions sent before I was done, so it is illegible. Probably best to disregard the last question! I've brought this up a number of times, so if this has been addressed by the Board of Trustees, of CHA, feel free to point me in that direction. I have presented this question to 5-10 people at different times and generally speaking - folks don't know what I am talking about. The prioritization schedule on page 10 of the CHA community guidelines appears to give substantial advantage to certain employers - government and non-profits. Is there any concern that this prioritization schedule will prevent frontline workers, business owners, recreational guides, managers, etc. from being housed? If these are the deed restrictions moving forward - has anyone expressed concern that frontline workers, etc. are unlikely to have access? #housingequity #Carbonate #CHA #deedrestrictions #BVBOT on Twitter Share Hello again town. My last questions sent before I was done, so it is illegible. Probably best to disregard the last question! I've brought this up a number of times, so if this has been addressed by the Board of Trustees, of CHA, feel free to point me in that direction. I have presented this question to 5-10 people at different times and generally speaking - folks don't know what I am talking about. The prioritization schedule on page 10 of the CHA community guidelines appears to give substantial advantage to certain employers - government and non-profits. Is there any concern that this prioritization schedule will prevent frontline workers, business owners, recreational guides, managers, etc. from being housed? If these are the deed restrictions moving forward - has anyone expressed concern that frontline workers, etc. are unlikely to have access? #housingequity #Carbonate #CHA #deedrestrictions #BVBOT on Linkedin Email Hello again town. My last questions sent before I was done, so it is illegible. Probably best to disregard the last question! I've brought this up a number of times, so if this has been addressed by the Board of Trustees, of CHA, feel free to point me in that direction. I have presented this question to 5-10 people at different times and generally speaking - folks don't know what I am talking about. The prioritization schedule on page 10 of the CHA community guidelines appears to give substantial advantage to certain employers - government and non-profits. Is there any concern that this prioritization schedule will prevent frontline workers, business owners, recreational guides, managers, etc. from being housed? If these are the deed restrictions moving forward - has anyone expressed concern that frontline workers, etc. are unlikely to have access? #housingequity #Carbonate #CHA #deedrestrictions #BVBOT link

    Hello again town. My last questions sent before I was done, so it is illegible. Probably best to disregard the last question! I've brought this up a number of times, so if this has been addressed by the Board of Trustees, of CHA, feel free to point me in that direction. I have presented this question to 5-10 people at different times and generally speaking - folks don't know what I am talking about. The prioritization schedule on page 10 of the CHA community guidelines appears to give substantial advantage to certain employers - government and non-profits. Is there any concern that this prioritization schedule will prevent frontline workers, business owners, recreational guides, managers, etc. from being housed? If these are the deed restrictions moving forward - has anyone expressed concern that frontline workers, etc. are unlikely to have access? #housingequity #Carbonate #CHA #deedrestrictions #BVBOT

    Amy asked over 1 year ago

    Good morning Amy. Thanks for the question. The prioritization schedule in the Guidelines is not meant to turn folks away or make non-listed folk ineligible. Instead, all other variables being equal, a family with children would be more likely to be selected to fill a vacancy than a single person (for example). 

    CHA is actively updating the Guidelines to ensure they reflect community needs & desires. If you have input on how to improve the Guidelines please provide it directly to CHA.

  • Share Hello Town. Will there be preference given to town or other entities's employees? If Deed restricted is in perpetuity - Is there any discussion on subsidizing the monthly $1200 rent for tenants making less than 100% AMI? Thank you for posting the work session. #carbonatestreet #affordability #housing on Facebook Share Hello Town. Will there be preference given to town or other entities's employees? If Deed restricted is in perpetuity - Is there any discussion on subsidizing the monthly $1200 rent for tenants making less than 100% AMI? Thank you for posting the work session. #carbonatestreet #affordability #housing on Twitter Share Hello Town. Will there be preference given to town or other entities's employees? If Deed restricted is in perpetuity - Is there any discussion on subsidizing the monthly $1200 rent for tenants making less than 100% AMI? Thank you for posting the work session. #carbonatestreet #affordability #housing on Linkedin Email Hello Town. Will there be preference given to town or other entities's employees? If Deed restricted is in perpetuity - Is there any discussion on subsidizing the monthly $1200 rent for tenants making less than 100% AMI? Thank you for posting the work session. #carbonatestreet #affordability #housing link

    Hello Town. Will there be preference given to town or other entities's employees? If Deed restricted is in perpetuity - Is there any discussion on subsidizing the monthly $1200 rent for tenants making less than 100% AMI? Thank you for posting the work session. #carbonatestreet #affordability #housing

    Amy asked over 1 year ago

    Thanks for the question Amy. The deed restrictions reference the Community Guidelines of the Housing Authority, which do have a weighted matrix for tenant selection. The current guidelines are available here. 

    Town currently has no funding source to subsidize rents on an ongoing basis, so that is not being discussed. 

    Thanks!

  • Share Hello Town. Any thought on how the management of these units is going to work? Will it be a cost to the tenant, the town, or the CHA? on Facebook Share Hello Town. Any thought on how the management of these units is going to work? Will it be a cost to the tenant, the town, or the CHA? on Twitter Share Hello Town. Any thought on how the management of these units is going to work? Will it be a cost to the tenant, the town, or the CHA? on Linkedin Email Hello Town. Any thought on how the management of these units is going to work? Will it be a cost to the tenant, the town, or the CHA? link

    Hello Town. Any thought on how the management of these units is going to work? Will it be a cost to the tenant, the town, or the CHA?

    Amy asked over 1 year ago

    The property will be owned and managed by Fading West, subject to the terms and conditions of the deed restrictions. CHA will play a role, either as compliance monitoring, or as providing tenant eligibility verification services - that particular detail is still being worked out. Town will have auditing authority, but otherwise not play a role in management. 

  • Share Hello. Any chance deed restriction information could be posted here? And maybe link the work session recording to the town's youtube channel? Thanks! on Facebook Share Hello. Any chance deed restriction information could be posted here? And maybe link the work session recording to the town's youtube channel? Thanks! on Twitter Share Hello. Any chance deed restriction information could be posted here? And maybe link the work session recording to the town's youtube channel? Thanks! on Linkedin Email Hello. Any chance deed restriction information could be posted here? And maybe link the work session recording to the town's youtube channel? Thanks! link

    Hello. Any chance deed restriction information could be posted here? And maybe link the work session recording to the town's youtube channel? Thanks!

    Amy asked over 1 year ago

    Hello! A bit slow on the response here - my apologies! The link to the February 28th work session on Carbonate Street is below. Deed restrictions, once ready for approval, will be posted as a part of that meeting's agenda and packet. I anticipate this being in June, but that could shift depending on how everything progresses.

    https://www.youtube.com/watch?v=KOZbEyO2RbE 

  • Share When will they start building on the lots? Are they more FHA buildings? on Facebook Share When will they start building on the lots? Are they more FHA buildings? on Twitter Share When will they start building on the lots? Are they more FHA buildings? on Linkedin Email When will they start building on the lots? Are they more FHA buildings? link

    When will they start building on the lots? Are they more FHA buildings?

    lmstalls asked over 2 years ago

    Good morning - thank you for the questions! Construction would most likely begin on the project in the Spring of 2023. The project will be built in 2 phases - the first being the apartments and childcare space, and the second (probably breaking ground a year later) will be the for-sale units. 

    This housing will not be federally subsidized like Collegiate Commons is. Therefore the price ranges for the rent and mortgages will be different. Collegiate Commons limits tenants' income to a maximum of 60% of Area Median Income (AMI) which is approximately $34,000/yr for a single person household. Carbonate Street will target a range of folks from 60% AMI to about 140% AMI ($75,600/yr). We don't know the specifics yet of how many units will be available at which price points primarily because we don't know how much the whole project will cost to build yet. 

    Thanks and keep the questions coming!

    housing,affordability,carbonate street
    housing affordability carbonate street
  • Share Hi there. When will the public have an opportunity to give feedback on the proposals that are coming in this month? Thanks. on Facebook Share Hi there. When will the public have an opportunity to give feedback on the proposals that are coming in this month? Thanks. on Twitter Share Hi there. When will the public have an opportunity to give feedback on the proposals that are coming in this month? Thanks. on Linkedin Email Hi there. When will the public have an opportunity to give feedback on the proposals that are coming in this month? Thanks. link

    Hi there. When will the public have an opportunity to give feedback on the proposals that are coming in this month? Thanks.

    almost 3 years ago

    Thanks for the question! There is not a public input process for the developer selection process, though it will be public via the Board of Trustees meetings. Once a developer is selected in mid-January 2022 there will be ample opportunity for public input as the design gets underway!

  • Share What kind of housing density are you expecting/hoping for? on Facebook Share What kind of housing density are you expecting/hoping for? on Twitter Share What kind of housing density are you expecting/hoping for? on Linkedin Email What kind of housing density are you expecting/hoping for? link

    What kind of housing density are you expecting/hoping for?

    Mike Krayna asked about 3 years ago

    Thanks for the question Mike! The current zoning of both lots will allow for relatively substantial density, anywhere from 65 - 85 units total between the two lots with the southern lot allowed to be single family homes/duplexes while the northern lot would be denser multi-family with commercial (including child care hopefully!) space.

    Once a developer is on board they will lead a community engaged design process where we'll work together to finalize this unit count and look and feel of the project.

    zoning,housing,density
    zoning housing density
Page last updated: 28 May 2024, 10:33 AM