Construction of $55M Workforce Housing Community Begins in Westminster
Denver-based St. Charles Town Company, LLC has closed on financing to construct St. Mark Village, a 216-unit workforce housing community on 97th Avenue and Federal Boulevard in the City of Westminster. The community will replace a vacant lot that is adjacent to the long-serving and much beloved Wishbone Restaurant. Construction has begun and is expected to finish in the summer of 2021.
St. Mark Village was aided by an acquisition loan from Mercy Community Capital and will be developed with construction and permanent financing provided by Citi Community Capital, tax credit equity from CREA, LLC, and soft funding from the City of Westminster’s Economic Development Department, and Adams County Community Development. Private activity bonds and 4 percent tax credits are being provided by the Colorado Housing and Financing Authority. The project will be the third between St. Charles, CREA, and Citi and promises to be an important community asset that will provide access to critically needed workforce housing within the City of Westminster, primarily serving families with 80 percent of the units providing two and three bedroom options.
Charlie Woolley, founding principal and president of St. Charles, said “We are proud to partner with the City of Westminster, whose leadership understands the severity of the housing crisis along the Front Range and is taking meaningful steps to address it in order to better serve more people in their community.” Darrin Grommeck, principal and CFO of St. Charles, added “St. Mark Village would not have been possible without our experienced repeat partners at CREA and Citi. The financing team successfully executed in a compressed timeframe.”
The architect, KTGY Architecture + Planning of Denver, drew design inspiration from the adjacent St. Mark Catholic Church, which owned the property prior to St. Charles Town Company. “St. Mark Village is a great example of how the faith based community can work with the private sector to address fundamental issues in our community like housing affordability,” said Jordan Zielinski, principal and director of development for St. Charles. The architecture compliments that of surrounding neighborhoods and features a contemporary take on vernacular design. The combination of stone and lap siding pays homage the suburban character of the area and the newly constructed bell tower at St. Mark Catholic Church.
The eight building community also features rain gardens, a storm and water quality feature that St. Charles hopes to replicate in other projects. Residents will enjoy a clubhouse with leasing office, fitness center, business center, community room, club kitchen, package center, and an outdoor pool.
To date, the St.Charles has completed in excess of $330 million of development projects, many in Denver’s urban core and all with some form of community benefit.
Rendering courtesy of St.Charles