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    Alto Coming To Westminster

    7/30/2016
    Article from Denver Real Estate Watch posted by John Rebchook, July 19, 2016
     
    Construction is underway on Alto, a 70-unit, affordable housing project.  It is the first mixed-use, transit oriented building at Westminster Station.

    Westminster Station serves a 6-mile stretch of commuter rail along the Regional Transportation District’s B Line.

    There is about 75 acres of developable land near the station. Alto is the first building, other than a parking garage, that is under construction in the development area.

    The station itself is scheduled to open July 25. At 10:3 0 a.m. the next day, there will be a ceremonial groundbreaking ceremony for Alto at 3033 W. 71st Avenue in Westminster.

    Alto, a $28 million project, is being built on a 6.5-acre parcel at the northwest corner of West 71st Avenue and Federal Boulevard.

    Gorman & Co. is the developer of Alto. The Adams County Housing Authority is the co-developer.

    “Westminster is doing some really progressive things to encourage development of affordable housing in the city,” said Kimball Crangle, Gorman & Co.’s Colorado Market president.  “We couldn’t have done the project without their partnership,” Crangle said.

    The city is providing regional stormwater detention, modifying some fees and allowing for shared parking for residential and commercial users.

    The total value of these incentives is about $3 million.

    In addition, Westminster has invested approximately $70 million in public infrastructure, including the light rail station and a 40-acre public park, to prepare the 135-acre station area for private development.

    “We’re excited to see this initial development in the growing Westminster Station area,” said Westminster Mayor Herb Atchison.  “Westminster City Council’s strategic plan has specifically identified the need for greater affordable and workforce housing opportunities, and by working with our community partners we’re able to make great strides toward meeting that goal,” Atchison continued.

    The Alto apartments will be available to individuals and families with household incomes at 30 to 50 percent of Area Media Income. Monthly rents will range from $450 to $1038.  The energy-efficient apartments will have 1, 2 and 3 bedrooms. A bicycle garage is one of tis amenities.

    The Adams County Housing Authority will move its South County offices in 10,000 square feet of office space in the Alto.  In addition, the Center for Career and Community Enrichment will occupy nearly 3,000 square feet of space. A nonprofit community center, 3CE serves North Metro Denver residents and businesses by providing access to jobs, housing counseling, life skills, parenting classes, educational classes, GED and health services.

    “Our partnership with 3CE at Alto illustrates the power of a two-generation approach,” said Peter LiFari, deputy director of ACHA.  “When programs for children and parents are intertwined, the cumulative benefits increase for both, disrupting the cycle of poverty,” LiFari added.

    Alto is being financed through partnerships with:
    §  The U.S. Department of Housing and Urban Development.
    §  State of Colorado.
    §  Colorado Housing and Finance Authority.
    §  Adams County.
    §  Adams County Housing Authority.
    §  The City of Westminster.

    The Enterprise Community Partners provided Low Income Housing Tax Credit Equity and FirstBank provided the construction loan and permanent debt.  The general contractor is Swinterton Builders. The architect is Shears Adkins Rockmore.

    “Ever since we learned about the plans for a commuter rail station being built at this site, our vision was to develop mixed-income housing units while retaining some natural affordability and preserving the diversity of the neighborhood,” said Don May, executive director of Adams County Housing Authority.  “We are really excited to have brought the right resources and partners together to make our vision a reality,” May said.
Westminster Colorado Economic Development Office 4800 West 92nd Avenue Westminster, CO 80031