Winter Park Workforce Housing Development Moves Forward
A joint venture partnership between Consolidated Development Partners and MRE Capital recently secured $9.95 million in financing for the development of Fireside Apartments, a garden-style multi-housing community totaling 50 workforce housing units in Winter Park, Colorado.
Due for completion in March 2023, Fireside Apartments will be located on the southeast corner of Kings Crossing Road and Wolf Park Lane at 200 Baker Dr. Winter Park is world-renowned as a winter sports destination that brings one million visitors annually.
The project team partnered with the Town of Winter Park to create a unique, newly built, garden-style workforce housing property. The project will feature a mix of one- and two-bedroom units that have rents restricted at 80, 100 and 120 percent of AMI. They will be workforce housing units with long-term leases intended to house members of the workforce who desire to live and work in Winter Park year-round.
The housing will fill a much-needed housing gap in the community. Often members of the local professional workforce cannot be recruited or hired due to a lack of housing. It is not because they simply cannot afford housing, but because options are limited or impossible to find. This makes it difficult to fill positions such as medical professionals, police officers, educators, and other essential community service positions.
JLL Capital Markets Debt Advisory team representing the borrower was led by Director Rob Bova, who worked on behalf of the partnership to secure the construction loan through Great Western Bank.
“Fireside Apartments is a unique project that really serves the needs of the local community,” Bova said. “Consolidated Development Partners and MRE Capital did an excellent job working with the Town of Winter Park. Great Western Bank was an excellent partner to work with and understood the unique nature of the project.”
Image courtesy of JLL