czb notes for boulder housing partners · 2019-05-28 · - an on-going revenue stream should be...
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Holiday Neighborhood
Holiday
Holiday
Site Background
•27 acres of land
•2 acre park area
•Pedestrian walkway
•Community Gardens
•Live/Work and Artist's Studios
•Small neighborhood businesses
Holiday Drive In Theater: early 90’s after screens removed
Finance
- At a minimum, the project should break even during the development phase
- The goal is to have a surplus at the end of project development that could be used for future development projects
- An on-going revenue stream should be provided to the Housing Authority from the rental units
- The financial objectives of the project will be balanced with overall goals and design
- If office space is developed for the Housing Authority, there will be no net on-going cost to the Authority
Holiday Neighborhood Original Guiding Principles: 1997
Design
- Design to create compatible diversity and variety
- The development should not be identifiable as one project
- Approach as a series of small projects or villages
- For the apartment units, build in blocks of four to six units
- Create a feeling of coherent community
- Emphasize high quality design and construction; build for a useful
life of 100 years
- Incorporate rich and durable materials, such as brick and stone,
particularly into the commercial element
- Use the best of the neo-traditional design approach to function,
including;
- Grid streets
- Human scale architecture
- Public space
- Mixed use, to include office and artists
workshops and housing type
- Front porches
- Alleys
- Address the relationship to the edges and adjacent uses to
ensure neighborhood compatibility
- Provide a viable transportation network, which provides bike
and pedestrian connections
- Design to promote community in a way that balances
interaction and privacy
- Include a review of design techniques, such as inner courtyards
- Emphasis sound proofing and other ways to provide peace and
privacy
- As part of the design approach, establish maximum FARs or
square footage limits
Timeline
Drive-In Operated 1969-89
City annexes property 1990
City acquired Drive-In 1997
City transferred land to BHP 1997
Site Plan Approval 2001
Final Approval 2002
Broke Ground 2003
Buildout complete 2007
Public Process
• Guidelines - Adopted in October 1997
• Focused on four areas • Design
• Finance
• Population and Market
• Possible Partners
Financed in Three Phases
1. land acquisition
2. Infrastructure development
3. rental housing
Land acquisition
1. CHAP Grant - $1 million
2. City purchase and reserves used as backing for short term bank loan
3. CDBG – backed long term loan –flexible terms (Section 108 loan)
Infrastructure
1. financed through bank loan
2. paid off through developer purchase of lots
Rental housing -scattered
• Low Income Housing Tax Credits
• Local and State grants
• Bank loan
• 10 units financed with McKinney-Vento Act funds for individuals transitioning from homelessness
Holiday numbers
• Total housing units – 333
• 41% affordable
• 82 affordable for rent
• 56 affordable for sale
• 60,000 square feet of retail/commercial
Development Plan
Main Street North
Yellowpine
Carriage Units
Studio Mews
Crescent
Wild Sage
Community Gardens
Lessons learned
1. Local funding was key in taking the first step to acquire the land
2. City funding helped ensure City goals were met
3. Breaking down a big project into phases helped focus the efforts on a step at a time
4. No one source of funding was enough
5. Having a public sector developer helped ensure that public benefit was always the top goal