Town breaks ground on the Midland Apartments alongside a representative from Brittany Petersen’s office and Fading West. From left to right: Trustees Peter Hylton-Hinga, Gina Lucrezi, Devin Rowe, Regional Director for Representative Brittany Pettersen (CO-7) Justin Kurth, Trustee Cindie Swisher, Mayor Libby Fay, Trustee Sue Cobb, Fading West Capital Partners President Bleecker Seaman. Photo by Carly Winchell.
A larger-than-expected group gathered amid infrequent snowflakes to celebrate the groundbreaking for the Carbonate Street project. Developer Fading West came together with town staff, the mayor, and Buena Vista trustees among other partners to officially break ground on what is now known as the Midland Apartments.
Fading West sign featuring a golden shovel used at the Midland Apartments groundbreaking. Photo by Carly Winchell.
The groundbreaking for this project is the result of a public-private partnership that has been over two years in the making. The Midland Apartments will feature 60 affordable apartments to help address the workforce housing crisis. These units will be deed-restricted with income restrictions to guarantee long-term affordability. The units are to be leased at no more than 120 percent AMI (Area Median Income) with at least half at 80 percent AMI.
There will also be a childcare center included in the project to address the lack of childcare available in town.
The groundbreaking ceremony on April 1 brought together various stakeholders to celebrate the next step toward a completed project. Housing and childcare have been big topics during the recent Buena Vista municipal election. The Carbonate Street project addresses both.
Special Projects Manager Joseph Teipel told the story of the Carbonate Street development beginning with 2015 when the Town made a deal with the school district to acquire the old baseball fields for housing development land and the baseball fields were moved to River Park.
In 2018 partners Urban Inc. built the Collegiate Commons apartments. Then in 2019, the Chaffee Housing Authority (CHA) encouraged the town to keep going with the land.
The Trustees continued to push on that idea. Things paused a bit in 2020 but picked up again in 2021 and the priorities of housing and childcare were identified.
Special Projects Manager Joseph Teipel speaks at the groundbreaking for the Midland Apartments. Photo by Carly Winchell.
“At that time, in December 2021/January 2022, town essentially had a mandate, ‘We want to build housing and childcare here,’ but we had, one — no money, and two — no formal structure or partners with which to do that,” said Teipel.
An RFP (Request for Proposal) was issued with those “vague parameters” to seek who would be able to partner with the town to figure it out and achieve these goals. Fading West answered the call and was brought on as a partner in early 2022.
“So we’ve been at this for two solid years,” said Teipel.
Mayor Libby Fay next spoke, thanking all the partners that made this project possible including Town staff and “especially Phillip Puckett.” She also thanked Teipel who shepherded the project when he worked with the town.
“The Board of Trustees should be thanked for their decision-making that kept the north star of housing and childcare always in view,” said Fay, who added water as another of their priorities.
The town is using $400,000 of its American Rescue Plan dollars for this project.
Fay also thanked Fading West staff for their countless hours and their ability to work together on this unique project that is new to everyone involved.
Fay thanked DOLA (Department of Local Affairs) for their $1.6 million Innovating Housing grant, the Colorado Division of Housing, which has contributed a $1.3 million grant, and U.S. Representative Brittany Pettersen (7th Congressional District) who encouraged the town to apply for a grant through her office.
“Gina spearheaded that to get Joseph and Phillip in 48 hours and were able to put together that grant application.”
Justin Kurth, Regional Representative for Pettersen, recently announced during public comment at a BV Board of Trustees meeting that the Town of Buena Vista would be receiving that grant in the amount of $1,286,279.
Fading West Capital Partners President Bleecker Seaman speaks alongside Fading West Vice President of Development Scott Simmons at the Midland Apartments groundbreaking. Photo by Carly Winchell.
Fading West President Bleecker Seaman and Vice President of Development Scott Simmons spoke last before the photos were taken. They thanked the many partners that made a project like this possible.
“We truly appreciate the partnership with the town,” said Seaman. “We’ve worked shoulder to shoulder for two years now, and it wouldn’t have happened without the kind of partnership I think we’ve developed.”
On the financing side, Seaman thanked senior lender Collegiate Peaks Bank, the Colorado Housing and Finance Authority (CHFA), the Colorado Housing Accelerator Initiative, Weave Social Finance, Archway Communities, investor Saturn Five, and bridge lenders Colorado Clean Energy Fund and Sharing Connection.
He also thanked the Chaffee Housing Authority, which put together a special partnership to lower rent and make the units more attainable.
“I had hair before we started this effort,” joked Seaman, who then thanked New Communities Law lawyer Alex Gano who helped with the legal side of things.
Simmons spoke about the building part of the project and acknowledged the many partners involved. Fading West Construction will be the general contractor on the project.
“We’re really excited to have Fading West do another project in our backyard,” said Simmons.
He also recognized EV Studio Architects (the lead firm that worked on the apartments), RTA Architects (who specialize in childcare centers), Marcin Engineering (the civil engineers for the project), and SCJ Alliance (who were the landscape architects). Simmons also drew attention to Shining Mountains Montessori School, who provided early input when Fading West invited them to speak about what they might want out of a childcare facility.
Lastly, Simmons highlighted the sustainability of the project, saying “From the beginning we wanted sustainability to be a vital part. We don’t want to burden tenants with high utility bills. Utility cost is a part of affordability.”
Fading West’s Midland Apartment Banner featuring a painted golden shovel used during the Midland Apartments groundbreaking. Photo by Carly Winchell.
Through a partnership and contributions from Sangre de Cristo Electric Association and Tri-State, they were able to design the apartments with greater insulation levels than is required by code. The project is also solar EV charging-ready, and high-efficiency Mitsubishi mini split systems will be installed in every unit.
“We’re really excited that this is affordable housing but will also have that efficient and sustainability component,” said Simmons.
The Midland Apartments will be located just south and west of the Collegiate Commons. Phase One of construction will include the apartments and the core and shell of the childcare center. At a recent Board of Trustees meeting, 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.
Below is a brief video of Teipel recounting the journey of this project from the land swap in 2015 to the groundbreaking today.
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