HomeMy WebLinkAboutELIZABETH STREET APTS - REZONE - 19-99 - SUBMITTAL DOCUMENTS - ROUND 1 - REZONING RELATED DOCUMENTProject Characteristics
For over 40 years, one hundred percent of the units will be rented to qualified low income
seniors with rents targeted at or below 40% of the County median income. This will
insure that seniors with fixed incomes will find quality housing in Fort Collins.
The proposed community will consist of a three-story building with interior corridors and
elevators. Amenities include a fully furnished recreational center, onsite laundry
facilities, pool, spa, seating areas and professionally landscaped open space. A variety of
services will be available to the tenants including full social activities. Secured parking
will be provided at a ratio of one space per unit.
Sponsor Characteristics
The project is sponsored by Kaufman and Broad Multi -Housing Group, Inc. (KBMH), a
wholly -owned subsidiary of Kaufman Broad Home Corporation, a New York Stock
Exchange -listed company that is one of the country's largest home builders. The
development will be owned by a Colorado Limited Partnership. Affordable Housing
Alliance II, Inc. ("AHA"), a 501 (c) (3) non-profit corporation, will act as the managing
General Partner and KBMH will act as the Development Manager on behalf of the
partnership.
AHA, as the principal office of the Partnership, has an established record of promoting
community development in the State of Colorado and will bring favorable financing and
local community knowledge and support to the partnership as its manager. KBMH will
provide additional financial capacity and development expertise to assure the successful
completion of the project on behalf of the Partnership.
Kaufinan and Broad Multi -Housing Group, Inc. currently has 4 affordable (Low Income)
apartment communities in Colorado. In total, the Multi -Housing Group has participated
in the development of nearly 80 communities, representing more than 7,500 affordable
apartment units completed, under construction, or in the pipeline.
We thank you in advance for taking the time and effort to evaluate this petition for zone
change. For further information or questions regarding this application please don't
hesitate to call.
Sincerely,
Anders Plett
Project Manager
Kr.0 F MAN B ROPiD
August 23, 1999
Troy Jones
City of Fort Collins
Community Planning Services
281 N. College Ave.
P.O. Box 580
Fort Collins, CO 80522
Re: Justification Letter
Rezone: 50-Unit Elizabeth Street Senior Apartments
Dear Mr. Jones:
Kauffman & Broad Multi -Housing Group, Inc., proposes to build a 50-unit senior citizen
affordable apartment project on approximately 1.9 acres located on the north side of
Elizabeth Street, east of Constitution Avenue in the City of Fort Collins. The site is
surrounded by high -density student housing and is located south and east of the Fort Ram
Village Apartments and west of the International House.
This proposed community, which will be fmanced in part with Low Income Housing Tax
Credits, is a prime example of what the City is looking to promote for a variety of
reasons, including excellent project area characteristics, evidenced need for affordable
housing, a strong team with extensive development and management experience, as well
as a quality designed rental community. Also, because the site is surrounded by student
housing, the proposed senior apartment development will bring a more diverse resident
base to the area.
The site currently does not have a zoning designation, given that it has been owned by
Colorado State University (CSU). Therefore, the proposed use will require a zone change
and an amendment to the Zoning Map.
The surrounding properties are zoned CC, Community Commercial District. This zoning
designation is consistent with the proposed land -use. However, the City Planning
Department staff has recommended MMN, Medium Density Mixed -Use
Neighborhood, which also allows for the intended use. A Project Development Plan
(PDP) is also required and will be subsequently submitted.
KAUFMAN AND BROAD MULTI -HOUSING GROUP, INC.
320 GOLDEN SHORE SUITE 200 LONG BEACH CA 90802-4217 TEL 562.256.2000 FAX 562.256.2001