The Estes Park Housing Authority purchased a 2.62-acre site in July of 2023. The concept and plan at this early stage is to develop 10-12 townhome-style homeownership opportunities. This purchase represents the first purchase directly using 6E funds. Due to the timing of the opportunity, the Estes Park Housing Authority 'fronted' the funds required for closing the deal in anticipation of a successful adoption of a new MOU with the Town of Estes Park. EPHA will be reimbursed for the expenses incurred to purchase 775 Riverside by 6E funds.
- Documents
- Financing
EPHA secured a loan from the Bank of Colorado for $663,000 at 7.5%, to be converted in Q4 of 2024 to 5.75% tax-exempt financing. Basic terms: 35 equal payments on a 30-year amortization schedule. Anticipated to convert to construction phase within the 35-month timeframe.
- Development Progress
Timeline
- 2023
- July | EPHA Purchases 2.62-acre parcel
- 2024
- May | Received proposals from two architecture design firms, BAS1S Architecture and alm2s.
- August | EPHA Selected alm2s for concept and design services.
- September | Site discovery work began in earnest, identifying site restrictions caused by zoning, wetlands, and slope.
October | Concept site plan developed noting restrictions noted above, met with Town of Estes Park staff in a pre-pre-app meeting. At this time EPHA anticipates annexing this parcel into the Town of Estes Park and simultaneously rezoning the property from it's current A1 zoning to RM zoning. The primary reason is to align allowable building types to gain the flexibility to have multiple housing types such as tri-plex and single family detached homes on the same parcel. Final density is estimated to be approximately 37% of allowable density.
- 2023
