Pinkard Construction Selected to Build Senior Housing Project in Windsor
WINDSOR — The Loveland Housing Authority (LHA), in partnership with the Windsor Housing Authority (WHA), has selected Pinkard Construction Company as construction manager/general contractor to construct the Golden Meadows Senior Apartments in Windsor.
Golden Meadows Senior Apartments will be a 90-unit, two-story independent living housing development, designed to serve moderate and low income senior households. Pinkard is currently conducting feasibility studies with architect WORKSHOP8 and modular construction consultant Prefab Logic to consider the possible benefits of modular construction. Final unit numbers for the project will be determined by the time and cost savings afforded through a prefabricated, modular construction approach.
The apartments will be constructed on 5.2-acres located immediately north of the existing Windsor Meadows multi-family apartment development along the west side of 15th Street in Windsor. The portion of the site that will accommodate the proposed 90-unit senior housing development is being platted into two individual lots, to allow the Project to be developed in two construction phases if required by funding limitations. Lot 1 will contain 60 units of housing and all common lobby and other facility programming amenities. Lot 2 will contain the remaining 30 housing units.
The project is intended to meet the needs of income-qualified seniors whose incomes range between 30 percent and 60 percent of the Area Median Income (AMI). It will be funded through the federally-sponsored Low Income Housing Tax Credit (LIHTC) program, requiring all households residing in the rental units to be at or below 60% of the Area Median Income. Additional funding will be provided through a combination of Town of Windsor fee waivers and other considerations, Federal and State grants, a long term commercial mortgage, and WHA equity. Preliminary construction estimates for the 90-unit project are approximately $18 million plus site infrastructure.
LHA will submit an application for 9 percent Low Income Housing Tax Credits in 2020. Construction will begin no later than eight months from the award of the tax credits from CHFA.
The Loveland Housing Authority will serve as the developer for the project and general partner with Windsor Housing Authority. LHA will manage and maintain the facility upon completion.