A Florida-based real estate developer hopes to build workforce housing north of the Pueblo Country Club within the next two years.
Housing Trust Group is garnering support from city and county leaders for a 222-unit construction at 800 Highway 50, dubbed Fairway Village, behind the former Kmart location and at the northeast corner of the country club.
âWe want to serve the people of the community who work here, the teachers, the first responders,â Jon Christine, HTG’s vice president of development, told city council in a presentation Tuesday night. HTG has developed 37 affordable housing communities across the country, according to their website.
The 9-acre site will also have room for a possible hotel and retail space, but accommodation is HTG’s priority.
âWe are only focused on developing affordable housing for the community,â Christine said. âThis is our mission.
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He said the development aims to serve a revenue range of around $ 8,000 to $ 46,000.
Fairway Village would consist of 90 one-bedroom units, 112 two-bedroom units and 20 three-bedroom units and would be a three-story apartment complex. It would also include a community hall, playground, bicycle storage, exercise room, laundry room and dog park. Rent would range from $ 506 for a 600 square foot one bedroom unit with a 40% income restriction to $ 1,416 for a 1,000 square foot three bedroom unit with an 80% income restriction.
The developers said they chose Pueblo because of its need for affordable housing and its current high occupancy rate. Affordable housing is one of the main issues facing Pueblo County right now. More than 6,000 households pay more than half of their income in rent, according to data from the city’s Department of Housing and Citizen Services.
âWe hope this project can meet some of these needs,â Christine said. He said HTG initially planned to build the project in phases, but instead advocated developing 222 units at a time.
The developers chose the site, near Highway 50 and Interstate 25, to give residents access to transportation corridors, retail stores and restaurants.
“We think this is an underutilized space that can be reused behind that K-Mart over there, to really emphasize that corner and put it back into circulation from a profit standpoint.” , said Quinn Gormley, executive vice president of development at HTG.
However, some members of the city council expressed their initial concern about the high traffic area and its compatibility with family life.
“The only thing that concerns me is that you are going to have a lot of families in this area, and your exit and entry into this facility puts the project in probably the busiest intersection in Pueblo,” Board member Dennis Flores mentioned.
Currently, an entrance is planned on Club Manor Drive, with the possibility of an alternate access point on Elizabeth Street. Gormley said they were working with the architect to examine these issues and were “very aware” of the impact of traffic and security.
HTG is budgeting around $ 44 million, of which about $ 21.2 million will be funded by bonds, tax credits and funds from the Colorado Housing and Finance Authority (CHFA). Fairway Village was the only Pueblo project to submit a letter of intent for this year’s second round of CHFA allocations, asking for a 4% federal credit of $ 1.5 million.
The development of Fairway Village is in its very early stages. If all goes well with the planning, zoning and funding, Christine said the units could be available by next fall.
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Chieftain reporter Sara Wilson can be reached via email at [email protected] or on Twitter @WilsonSaraJane.