Carbonate Street Development

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Project title: Carbonate Street Development

Project purpose or justification: The Buena Vista Board of Trustees has approved the development of two parcels of land for attainable and workforce housing. This will be a public private partnership in which the Town contributes the land, and a private-sector developer builds and manages the buildings.

The Chaffee Housing Authority commissioned a comprehensive update to the 2016 Housing Needs Assessment, which was published in June 2022 (HNA).

The rising cost of housing within Chaffee County can be broken down like this:


The update report highlights the dire need for housing throughout the county as well as in Buena Vista specifically.

A June 2022 study highlighted the 91% of Chaffee County Households


home-ownership is out of reach for 91% of the households in Chaffee County.

average rents have increased 43% since 2016, and there are virtually no units available owing to vacancy rates below 5% and the fact that most rentals (79%) are advertised via word of mouth - making it extremely difficult for newcomers to the local workforce to find rental housing.

The HNA demonstrates the need for 440 new rental units county-wide simply to ‘catch up’, or balance the rental market. This number does not include additional units needed to accommodate a growing workforce or the housing units needed for replacement of local retirees in local jobs.






Carbonate Street Phase I will deliver a majority of smaller housing units - 90% studio and 1-bedroom units. This aligns with the recommendations and data in the HNA. Not only is the production of rental units lagging for-sale units, the community as a whole has an over-abundance of larger housing units even while the majority of the households here are 1-2 person households. This mismatch between demand and supply further exacerbates the affordability crisis by lowering the vacancy rate of appropriately-sized units while forcing more households to pay for more housing square footage than they need.

In addition to a unit mix that is directly targeted at the local need, Carbonate Street will also deliver fully 18% of the 330 total units the HNA states are needed in Buena Vista alone over the next four years. What’s more, Carbonate Street’s 30 studio units that are deed restricted to 80% AMI and under will build 35% of the 85 units HNA says are needed in that income range county-wide. This will actually slightly exceed Buena Vista’s allocated share per the HNA methodology but is more in-line with demands reported by our local empoloyers as more fully described below. All this is compared to the previous 6 years since the 2016 HNA in which less than 10% of all the identified needed housing units were constructed county-wide.


The HNA also explains that the 110 affordable units of housing that have been constructed since 2016 are composed exclusively of LIHTC projects serving households earning less than 60% AMI. While need still remains for households in this bottom end of the income spectrum, the majority (61% according to the Chaffee Housing Authority’s 2022 Housing Affordability Continuum) of Chaffee County’s workforce earns more than 60% AMI, yet less than 200% AMI - leaving them caught without subsidized housing options and yet unable to afford the market-rate ownership or rental housing units that are available.


The Town of Buena Vista commissioned a survey of local employers conducted by the Chaffee County Community Foundation in summer of 2021.

This survey, which garnered responses from seventy-six Buena Vista employers who collectively employ 720 workers further reinforced the impact that lack of workforce housing has on the community, economy, and businesses. The survey showed that one in five employers reports one or more employees who are living without a home - and fully 66% of responding employers reported one or more employees who don’t have stable housing (i.e. they are couch surfing or living day-to-day in various locations).














Project objective: To revive the Pocket Wave to its former glory, providing a space that fosters enjoyment, inclusivity, and community engagement while alleviating congestion at the River Park in Buena Vista.

Project scope:

  • Desired outcomes of development on Carbonate Street Lots:
  • These outcomes 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)

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

Permitting - Complete

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

Project budget:

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.


UPDATE (July 25, 2023) - The Carbonate Street Apartment Major Site Plan was unanimously approved via public hearing at the Planning & Zoning Commission meeting on Wednesday, July 19th!

The Board of Trustees will consider approving the deed restrictions that control affordability, and the Development Agreement with Fading West at their meeting on July 25th, 2023. More information is available in the Board packet here.


Background


Join in the conversation by scrolling down and using one of the fun tools!

Don't worry! We're not giving away the land without any strings attached - the developer (and any future property owners) will be legally obligated to provide housing that meets the community's needs at prices that target local employees who serve our community.

In addition to housing, current concepts for the use of this land include building childcare space as well as commercial space that would support the start-up and support for local entrepreneurs. Neither of these concepts would be owned or run by the Town. Instead, Town will work closely with the Chaffee County Early Childhood Council, Chaffee County Economic Development Corporation, and the Central Mountain Small Business Development Center to design the spaces and find and cultivate the operators.

Project title: Carbonate Street Development

Project purpose or justification: The Buena Vista Board of Trustees has approved the development of two parcels of land for attainable and workforce housing. This will be a public private partnership in which the Town contributes the land, and a private-sector developer builds and manages the buildings.

The Chaffee Housing Authority commissioned a comprehensive update to the 2016 Housing Needs Assessment, which was published in June 2022 (HNA).

The rising cost of housing within Chaffee County can be broken down like this:


The update report highlights the dire need for housing throughout the county as well as in Buena Vista specifically.

A June 2022 study highlighted the 91% of Chaffee County Households


home-ownership is out of reach for 91% of the households in Chaffee County.

average rents have increased 43% since 2016, and there are virtually no units available owing to vacancy rates below 5% and the fact that most rentals (79%) are advertised via word of mouth - making it extremely difficult for newcomers to the local workforce to find rental housing.

The HNA demonstrates the need for 440 new rental units county-wide simply to ‘catch up’, or balance the rental market. This number does not include additional units needed to accommodate a growing workforce or the housing units needed for replacement of local retirees in local jobs.






Carbonate Street Phase I will deliver a majority of smaller housing units - 90% studio and 1-bedroom units. This aligns with the recommendations and data in the HNA. Not only is the production of rental units lagging for-sale units, the community as a whole has an over-abundance of larger housing units even while the majority of the households here are 1-2 person households. This mismatch between demand and supply further exacerbates the affordability crisis by lowering the vacancy rate of appropriately-sized units while forcing more households to pay for more housing square footage than they need.

In addition to a unit mix that is directly targeted at the local need, Carbonate Street will also deliver fully 18% of the 330 total units the HNA states are needed in Buena Vista alone over the next four years. What’s more, Carbonate Street’s 30 studio units that are deed restricted to 80% AMI and under will build 35% of the 85 units HNA says are needed in that income range county-wide. This will actually slightly exceed Buena Vista’s allocated share per the HNA methodology but is more in-line with demands reported by our local empoloyers as more fully described below. All this is compared to the previous 6 years since the 2016 HNA in which less than 10% of all the identified needed housing units were constructed county-wide.


The HNA also explains that the 110 affordable units of housing that have been constructed since 2016 are composed exclusively of LIHTC projects serving households earning less than 60% AMI. While need still remains for households in this bottom end of the income spectrum, the majority (61% according to the Chaffee Housing Authority’s 2022 Housing Affordability Continuum) of Chaffee County’s workforce earns more than 60% AMI, yet less than 200% AMI - leaving them caught without subsidized housing options and yet unable to afford the market-rate ownership or rental housing units that are available.


The Town of Buena Vista commissioned a survey of local employers conducted by the Chaffee County Community Foundation in summer of 2021.

This survey, which garnered responses from seventy-six Buena Vista employers who collectively employ 720 workers further reinforced the impact that lack of workforce housing has on the community, economy, and businesses. The survey showed that one in five employers reports one or more employees who are living without a home - and fully 66% of responding employers reported one or more employees who don’t have stable housing (i.e. they are couch surfing or living day-to-day in various locations).














Project objective: To revive the Pocket Wave to its former glory, providing a space that fosters enjoyment, inclusivity, and community engagement while alleviating congestion at the River Park in Buena Vista.

Project scope:

  • Desired outcomes of development on Carbonate Street Lots:
  • These outcomes 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)

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

Permitting - Complete

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

Project budget:

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.


UPDATE (July 25, 2023) - The Carbonate Street Apartment Major Site Plan was unanimously approved via public hearing at the Planning & Zoning Commission meeting on Wednesday, July 19th!

The Board of Trustees will consider approving the deed restrictions that control affordability, and the Development Agreement with Fading West at their meeting on July 25th, 2023. More information is available in the Board packet here.


Background


Join in the conversation by scrolling down and using one of the fun tools!

Don't worry! We're not giving away the land without any strings attached - the developer (and any future property owners) will be legally obligated to provide housing that meets the community's needs at prices that target local employees who serve our community.

In addition to housing, current concepts for the use of this land include building childcare space as well as commercial space that would support the start-up and support for local entrepreneurs. Neither of these concepts would be owned or run by the Town. Instead, Town will work closely with the Chaffee County Early Childhood Council, Chaffee County Economic Development Corporation, and the Central Mountain Small Business Development Center to design the spaces and find and cultivate the operators.

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.

You need to be signed in to add your question.

  • 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 about 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 10 months 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 about 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 about 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 about 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 almost 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.

    over 2 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 over 2 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: 02 May 2024, 08:56 AM