Screenshot Courtesy of FadingWestDevelopment.com
The Buena Vista (BV) Board of Trustees (BOT) received an update on the Carbonate Street Project Phase 1 from Project Manager Joseph Teipel. The Carbonate Street Project is located just south and west of the Collegiate Commons. Phase 1 includes the apartments and the core and shell of the childcare center.
Fading West conducted a naming survey for the apartments. Their official name will be the Midland Apartments, referred to as The Midland in short.
“I think it’s a very appropriate name given the views many of them will have of Midland Hill, but also just a shoutout to the heritage of BV,” explained Teipel.
Carbonate Street update chart from page 45 of the February 13, 2024 BV BOT meeting packet
The agenda packet stated that construction was tentatively scheduled to start on March 4, with a groundbreaking anticipated on March 13 and potentially another event in May; however, this groundbreaking date has been moved to Monday, April 1 according to Teipel. The building permits were approved by the Town but haven’t yet passed to the county.
Teipel reported that the production of the shells for apartments has been completed by Fading West’s factory. There will potentially be an event in May for the moment the shells are set in place.
“I think you all probably would agree with me that that’s an incredible milestone in the project,” Teipel said to the BOT. “One that represents incredible leadership from you all, incredible work from everyone from the Town, from Fading West, from funders to get to this point.”
Originally the certificates of occupancy (CO) were expected to occur in July, 2024. However, Teipel said they now know this is an unrealistic date. Now the construction schedule is showing the first quarter of 2025 as a more likely date. There will likely be an amendment to the development agreement needed due to the delay.
Trustee Peter Hylton-Hinga asked Teipel to verify that no grants would be impacted by the delays. Teipel confirmed that was the case, saying the Transformational Affordable Housing Grant (TAHG) grant indicated in writing that they would be willing to move milestones to better align with the realities of construction.
“I don’t anticipate there being any sort of contractual issues with our grant funding,” said Teipel.
Carbonate Street Rental Apartment project location in Buena Vista. Image courtesy Fading West
Teipel also clarified a small typo in the packet information for the update. The childcare core and shell construction budget is estimated at $1.185 million, not the $1.085 listed in the packet.
The Town has committed $400,000 to the Carbonate Street project. The Gates Family Foundation provided an additional $45,000. A $1.65 million grant from the Incentives Grant Program (IHOI) of the Department of Local Affairs (DOLA) has already been expended, and a $1.35 million Transformational Affordable Housing Grant (TAHG) grant contract and associated agreements have been executed.
Fading West has also closed its $6.2 million primary debt with Collegiate Peaks Bank along with all the equity investment for the project. $2 million in funding from the Colorado Housing and Finance Authority (CHFA) is currently pending.
Overall, Teipel reported that when everything adds up they are “just squeaking through at the moment” on funding for the project. The additional Gates Family Foundation grant is providing a bit of a cushion as well, though there is an understanding that things can change.
“We’ll all be really happy when it opens its doors,” commented Mayor Libby Fay.
Teipel also clarified some concerns regarding whether or not The Midland would be used primarily for workforce housing for Fading West. “There’s no one employer, including Fading West, who may offer all units to their employees first,” said Teipel.
He explained that one company cannot master lease more than five units for their employees. Only around twenty total units will be available for master leasing by employers, which further limits businesses’ ability to monopolize the apartments for their workforce.
The Carbonate Street Project is being developed by Fading West in partnership with the town of Buena Vista and the Chaffee Housing Authority (CHA). It is intended to address affordable housing and childcare. Originally a presentation was scheduled from the CHA, but CHA Executive Director Ashley Kappel was unable to attend the BOT meeting.
The meeting packet including the update on Carbonate Street is available online. More information on the project is available on Fading West’s website.
Public Participation
The Trustees also heard from two members of the public during the public participation portion of Tuesday’s meeting.
Board of Trustee candidate Thomas Brown spoke to the Board regarding the age of the town’s current master transportation plan, which will celebrate its twentieth anniversary on March 10. Brown is on the Transportation Advisory Board for the county and on the Planning and Zoning Commission in Buena Vista.
“If you read it, it’s a wonderful history lesson in what things were like in 2004,” said Brown of the plan, which he said references the 1999 comprehensive plan.
The Town is working on an updated comprehensive (comp) plan this year, and Brown recommended the BOT work with Planning and Zoning or Public Works to update the transportation plan as well.
“We’re going to be increasing our population, maybe doubling it, in the next five to ten years, and I think that looking at an active, vibrant transportation plan will be something important for us to look forward to in the future,” concluded Brown.
Local Norma Cady updated the Board on the status of a bench dedicated to Kreminna, Ukraine, explaining that it has now been constructed and should be installed soon.
Ukrainian flag. Photo by Yehor Milohrodskyi on Unsplash
Cady reported issues getting the bench ordered due to time and finance issues but said it should be installed within the next few weeks or “maybe a month or two.”
Cady praised the Ukrainian people for their optimism and said they don’t know what’s happened to the bench that said “friendship Buena Vista and Kreminna,” However, she said many people were still working on civil projects in the country to help build communities all over Ukraine.
Public Works Director Shawn Williams confirmed that he spoke with the team putting the bench together and identified a potential location for the bench in the Texaco Park on the corner of Main Street and Highway 24. Once the bench is verified to be fit for public use, Williams confirmed that they will help facilitate the installation.
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