Colorado-Real-Estate-Journal_476911

Page 16 - August 20-September 2, 2025 www.crej.com Multifamily by Avalon Jacka FRISCO – Construction has begun on a new middle-income workforce housing project in the High Country, marking the devel- oper’s entry to the Colorado mar- ket. Developer and site owner The NHP Foundation broke ground on the Galena Apartments, a 54-unit community located at 602 Galena St., in July. Allen Guerra Architecture is serving as project architect, and CFC Construction is serving as the general contrac- tor. Initial site work began in May, followed by the demolition of the site’s existing structure in June. The project is expected to be deliv- ered in fall 2026. “In addition to this project being our first development in the state, it is the first use of investment- grade 501(c)(3) bonds for new con- struction of middle-income hous- ing in Colorado and the first time NHPF is using its S&P rating to enhance tax-exempt bonds,” said NHPF President and CEO Eric Price. “This guarantee gives the bonds a lower interest rate, a key benefit in the current economic environment.” The project aims to address the “severe shortage of housing for essential workers in Colo- rado’s high-cost mountain com- munities,” according to a state- ment from NHPF. Project partners, including the Colorado Middle Income Hous- ing Authority, the Colorado Office of Economic Develop- ment and International Trade and the Colorado Department of Local Affairs, also celebrated the groundbreaking with the Frisco community. “OEDIT is thrilled to support MIHA’s work to create more hous- ing options that are affordable for Coloradans, and we are excited to celebrate the groundbreaking of Galena Apartments in Frisco,” said OEDIT Executive Director Eve Lieberman. “This initiative showcases the shared commit- ment between local, regional and state partners to create more hous- ing now.” The 40,216-square-foot com- munity will serve local essential workers and their families earning between 80% and 120% of the area median income, including teach- ers, first responders, medical pro- fessionals, local government staff and more. Galena Apartments will include a mix of studios, and one- and two-bedroom units. Galena Apartments will pro- vide all-electric, energy-efficient homes and will be built to meet U.S. Department of Energy Zero Energy Ready Home standards. The three-story community will feature indoor bike storage for all units, rooftop solar panels and parking with electric vehicle charg- ing stations. The transit-oriented development is within walking distance of downtown Frisco. In July, MIHA sold its first tax- exempt bonds to support the acquisition of the site and con- struction of the apartments, total- ing $18.6 million. The proceeds will be loaned to the developer. “Housing isn’t just about where we sleep – it’s about where we belong,” said MIHA board Presi- dent Peter LiFari. “MIHA invests in communities like Frisco so the people who teach our kids, heal our loved ones and keep our towns vibrant can build their lives in the same places they uplift daily. Frisco deserves that kind of root- edness – and so do the people who make it home.” The project was also supported in part by a $4 million grant from DOLA’s Strong Communities Infrastructure program, as well as a $375,898 award from DOLA’s Energy/Mineral Impact Assis- tance Fund More Housing Now Initiative to support infrastructure around the project. The Strong Communities Infrastructure pro- gram incentivizes the adoption of land use practices that support strategic growth and attainable housing by aligning local needs and policies with sustainable development goals. “Colorado Department of Local Affairs’ mission is to strengthen Colorado communities, and we know workforce housing is one of the largest barriers that our mountain communities face,” said DOLA Executive Director Maria De Cambra. “We’re proud to con- tribute to the Galena Apartments, bringing housing that’s affordable to the teachers, first responders and nurses who provide critical services to the people of Frisco. They deserve to live where they work.” The town of Frisco provided the land for the project, as well as $8.1 million in gap financing. Summit County provided addi- tional support for the project. “This project would not have been possible without the vision of Frisco Town Council and the many governmental partners who believed in bringing this to reality,” said Frisco Town Manager Tom Fisher. “Summit County helped Frisco purchase the property, and then the state stepped up to sup- port our vision for middle-income housing in the heart of Frisco, with the Colorado Department of Local Affairs providing grants to fund project infrastructure, and the Middle-Income Housing Author- ity issuing the bonds and provid- ing a property tax exemption.” NHPF is also redeveloping an underutilized office property at 101 W. Main St. in Frisco into 100% workforce housing units, paired with new commercial space. The organization aims to provide per- manently deed-restricted rental housing with units reserved for households earning between 30% and 100% of the area median income, a representative said. Headquartered in New York City, The NHP Foundation is a not-for-profit real estate corpo- ration dedicated to preserving and creating sustainable, service- enriched multifamily housing and single-family homes that are affordable to low- to moderate- income families and seniors. With additional offices in Chicago and Washington, D.C., the organiza- tion has 61 properties with more than 10,000 units in 16 states and the District of Columbia. The Middle Income Housing Authority was established in 2022 by the Colorado Legislature as an independent, special purpose authority with the purpose of promoting affordable rental hous- ing initiatives for middle-income workforce residents and their families. MIHA is governed by a board of directors appointed by the governor, the OEDIT executive director, and DOLA’s Division of Housing director. The authority’s tools include tax-exempt bonds, state and local tax exemption for projects if authorized by the local government, and entering into public-private partnerships. MIHA is administered by OEDIT and is partnered with Sierra Management Group to provide financial advisory services. s NHP Foundation begins construction on Galena Apartments folio. The company is marketing its entire five-property portfo- lio in St. Cloud, Minnesota, to exit the market and is marketing several additional communities in the Minneapolis market. “These transactions mark the next phase of our corporate evo- lution as a Midwest- and Moun- tain West-focused multifamily REIT,” said Centerspace Pres- ident and CEO Anne Olson. “The expansion into the Salt Lake City market furthers our scale in our target geographic exposure while improving our portfolio quality and enhancing our growth profile.” Founded in 1970, North Dakota-based Centerspace is an owner and operator of multi- family communities with a cur- rent portfolio of more than 70 communities comprising 13,353 homes in Colorado, Minneso- ta, Montana, Nebraska, North Dakota, South Dakota and Utah. s Railway Flats Continued from Page 1 investment management, devel- opment and asset management company with offices in New York, Ohio, Colorado and Cali- fornia. Other News n FORT LUPTON – A Tex- as-based homebuilder debuted five new floor plans for move- in ready, for-sale townhomes in northeast Fort Lupton. LGI Homes Inc. introduced the new floor plans for two-, three- and four-bedroom townhomes in Cottonwood Greens, located at Ninth Street and College Avenue, in July. The new townhomes are priced starting at $399,000. At full build-out, the new section will include 137 townhomes, bringing the combined lot count of town- homes and single-family homes in the development to 547. “Our presence in Fort Lupton reflects our continued commit- ment to meeting the growing demand for quality, affordable homes in Colorado,” said LGI Homes Vice President of Opera- tions for Colorado Kevin Wolf. “With a diverse range of thought- fully designed floor plans and a vibrant, family-friendly setting, this community offers something for everyone.” All homes at Cottonwood Greens come with LGI Homes’ CompleteHome package, which includes stainless steel Whirlpool appliances, granite countertops, luxury vinyl plank flooring, Wi- Fi-enabled garage door openers and fully landscaped front yards. Community amenities include walking trails, open green spaces, and multiple playgrounds. Cottonwood Greens is posi- tioned across the street from Coyote Creek Golf Course. The community offers easy access to downtown Fort Lupton via Ninth Street and to Denver via U.S. Highway 85. n DENVER – Sales continue at a new luxury condominium property in Cherry Creek North following the opening of the development’s sales gallery. Developed by PMG and Hil- ton, Waldorf Astoria Residences Denver Cherry Creek will be Colorado’s first Waldorf Astoria- branded property, located at 185 N. Steele St. Dawn Raymond of Kent- wood Real Estate is leading sales for the project. Approxi- mately 55% of the units have been sold since sales launched in Octo- ber 2024. Residences are priced starting at $1.5 million. Interested buyers can visit the sales gallery and Boffi showroom that show- cases design elements for kitch- ens, bathrooms and wardrobes available for the units at 215 St. Paul St., Suite 130. The 37-unit property will fea- ture fully furnished units ranging between 690 and 3,879 square feet. Each residence will feature views of the mountains and downtown, and luxury finishes and appliances, including cus- tom gourmet kitchens, custom built-out closets and flooring selections, smart home capabili- ties, and more. The community will include a resort-style pool with a bar and lounge areas on the roof, a wellness center, a fitness and movement studio, a curated lobby and dedicated electric vehicle charging stations, as well as a ground-floor lounge and restaurant. Waldorf Astoria Residences Denver Cherry Creek will be managed by Hilton Man- agement Services. Shears Adkins Rockmore, in collaboration with architect Car- los Ott, is leading the concept design for the property, with Bamo Inc. designing the inte- riors. Hyder Construction will serve as the general contractor. Construction will begin on the project in the fourth quarter, and delivery is expected in first-quar- ter 2028. s Denver Dry Continued from Page 14 Located at 602 Galena St., the 54-unit, transit-oriented Galena Apartments is walkable to downtown Frisco.