The City of Longmont and its development partner, Vertikal, a Louisville-based design/build developer, have broken ground on True North a new affordable housing community offering 185 residences in downtown Longmont. The result of a unique collaboration between the City of Longmont, the Golden family and a private developer, True North will offer something not often seen in the market today: a community-oriented development that offers design-forward homes that are attainable for families and individuals looking to put down roots in one of the Front Range’s most vibrant small towns.
The idea for True North emerged from a shared concern and a desire for change. The Golden family, residents of Longmont for five generations, recognized the growing challenge many families faced in securing a home they could afford. Reggie Golden agreed with Longmont’s affordable housing vision and sold the property to the City at a below-market rate.
“Our family has been here for generations. My father bought his first house in Longmont in 1960 for $15,000. I bought my first house in Longmont in 1984 for $70,000. In the early 90’s it was $150,000. And then prices just exploded here and more people than not are priced out of the market,” said Reggie Golden. “I wanted to help do something about that.”
The City of Longmont wanted to see a new approach to housing – one that didn’t just meet a need but elevated the very concept of homeownership in the community. Vertikal was already exploring creative solutions for design-forward, attainable housing in communities across the Front Range and joined the conversation, bringing with them their expertise in public/private real estate developments.
“The City of Longmont is committed to investing resources in affordable and attainable housing to address affordability gaps for Longmont families. Through projects such as True North, Longmont is leading the way for other communities throughout Colorado and nationwide. This project showcases the power of what local governments and community partners can achieve together to address our housing crisis head-on” said Longmont City Manager, Harold Dominguez.
To make this vision a reality, the team decided to take an open-book approach to development. From the beginning, transparency and collaboration became the guiding principles, with all parties committed to sharing information and making decisions together. The City of Longmont contributed the land to the project, infrastructure costs and waived the cost of fees and permits totaling over $14M. As the developer, Vertikal is covering all other development costs. Mountain Valley Bank is providing the loan for the project.
“We’re honored to be a part of such a unique collaboration that creates a new model for affordable and attainable homeownership,” said Walker Thrash, managing partner at Vertikal. “It’s about public/private problem-solving. Longmont had the vision and we’ve worked hard as a team to make this project a reality.”
While the project will eventually have 185 new homes, Phase 1 consists of 52 homes and will provide a diversity of housing options to meet varying needs. Five different unit types will range in size from 900 to 1,500 square feet and 2- to 3-bedrooms, with options for either single or two-story as well as townhome or single-family homes. Each single-family home will have access to private side yards, a garden court and amenity space. Pricing starts in the mid-$300Ks up to mid-$400Ks. In Phase 1, there are 10 affordable homes achieving below 80% Average Median Income target price and the remaining majority (42 homes) achieving between 80 to 120% Average Median Income target price. Eligible buyers must meet income guidelines. Based on 2024 HUD Income limits, a family of four earning an annual household income of up to $175,200 would be eligible to buy homes restricted to 120% AMI and below. A family of four can earn up to $116,800 to be eligible for homes restricted to 80% AMI and below. The opportunity to own is first come, first serve so interested buyers should join the interest list for more information including workshop dates, owner qualifications and more. Reservations will begin in April, with the first homes being completed in late summer 2025.
Vertikal broke ground on Cheesman Street Residences, a similar development in Erie, last year and received 52 pre-applications in the first day of sales portal opening.