HomeMy WebLinkAboutWOODLANDS PUD - ADMINISTRATIVE CHANGE - 27-95 - MEDIA -r_
FORTCOLLINS
COLORADOAN
Business writer:
Robert Baun, 224-7742
J8
Firm plans apartment complex
Half of 116 units
will be affordable
By ROBERT BAUN
The Coloradoan
The cause for affordable hous-
ing in Fort Collins received a
boost Thursday after a California
developer announced plans to
build a 116-unit apartment com-
plex in southwest Fort Collins.
An official for Kaufman and
Broad of Los Angeles, one of the
nation's largest residential hous-
ing developers, said that up to
half of the units would be set
aside for low-income renters.
Kaufman and Broad confirmed
the project after it received an
$810,000 loan from the state of
Colorado, rounding out financing
for the $8.9 million Woodlands
Apartments. The company also
accepted tax credits for the low-
income portion of the project.
Under terms of the loan and
tax credits, the Woodlands must
provide below -market rents for at
least 15 years.
"I applaud them," said Rochelle
Stephens, executive director of the
Fort Collins Housing Authority,
which serves low-income renters.
"For everything that happens, we
need 10 more."
Stephens has reported a 2V2-
year waiting list for subsidized
rental units in the area.
Woodlands is planned for the
northeast corner of Harmony
Road and Shields Street, across
the street fi-om Front Range Com-
munity College.
The 8.2-acre site was first ap-
proved for apartments in 1981,
but the original developer never
started construction on the
project, said Michael Costa, presi-
dent of Kaufman and Broad
Multi -Housing Group.
Costa said his firm recently de-
veloped apartments m the Denver
area and became aware of the low
rental vacancy rate in the Fort
Collins market, generally esti-
mated at 1 to 3 percent.
'Me last couple of years has al-
lowed us to be much more famil-
iar with the market, and we re-
ally like the market area of Fort
Collins and Denver," Costa said.
`"There is a tremendous need for
affordable housing there."
As planned, construction would
start late this summer, and
Woodlands would be ready for oc-
cupancy by August 1996.
A
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Following is information about
the proposed Woodlands Apart -
merits:
■ Planned for 116 units. Half
will be set aside for low-income
renters.
■ Construction on the $8.9
million project is scheduled to
start in the late summer, with
occupancy scheduled for Au-
gust 1996.
• Anticipated rental rates are
$300 to $450 for one bedroom,
$355 to $550 for two bedrooms
and $410 to $640 for three bed-
rooms.
IN For information about a
renters' waiting list or construc-
tion contracts, call (310) 231-
4104,