Boulder, Colo., May 09, 2018 (GLOBE NEWSWIRE) -- SPARKwest, a 45-unit permanently affordable housing development, formally opened its doors today at a ribbon-cutting ceremony.
Developed by Boulder-based Element Properties, SPARKwest is the first phase of the larger SPARK development, an 11-acre mixed-use, mixed-income development project located within Boulder Junction. By purposefully committing to permanent affordability for one-third of the homes to be developed in the SPARK project, Element Properties easily surpassed the City of Boulder’s 20 percent Inclusionary Housing requirement.
Element Properties has a long track record of innovative solutions and has developed and preserved more than 300 high-quality, permanently affordable homes within Boulder in recent years. The SPARKwest project was made possible through an innovative public-private partnership that includes funding from the City of Boulder, federal Low Income Housing Tax Credits, State of Colorado Housing Tax Credits, and the proceeds from the sale of tax-exempt Private Activity Bonds issued by the Colorado Housing and Finance Authority (CHFA). Local community partners on SPARKwest include Boulder Housing Partners (BHP) and Thistle, which is providing management and leasing services.
“Delivering permanently affordable housing requires strong community partnerships, and Element has been fortunate to have the support of numerous partners on SPARKwest, including the City of Boulder and CHFA,” said Element Properties’ principal of community development Kevin Knapp. “The overwhelming demand we saw for the 45 homes at SPARKwest is a sign of how much work remains to develop an array of meaningful solutions for our community’s housing challenges.”
Demand for the property has surpassed all expectations. No available units remain at SPARKwest following less than two months of leasing activity — a clear indication that innovative models like SPARKwest could hold the key to building desperately needed affordable housing in Boulder County and beyond. Thirty-six of the homes are restricted for those making no more than 50 percent of the Area Median Income (AMI). The remaining nine homes are restricted at 60 percent of the AMI.
“Not only is SPARKwest filling an urgent need for affordable housing in Boulder, it is also demonstrating how thoughtfully designed affordable housing developments can contribute to the City of Boulder’s goals around housing, sustainability, equity, climate change and transportation,” said Kurt Firnhaber, Boulder Housing Director. “We need more housing developments that help us address our housing shortage and bring numerous other community benefits.”
As with all Element Properties development projects, SPARKwest has been thoughtfully designed to create attractive, functional places for people to live, work, collaborate and thrive. With transportation-related fees oftentimes the second-largest expenses for families behind housing, SPARKwest leverages its central Boulder location and the transit amenities in Boulder Junction to provide increased affordability for the residents. Element Properties partnered with the City of Boulder and the Boulder Junction Access District to reduce transit expenses by providing RTD bus passes as well as discounted memberships to eGo Carshare and Boulder B-cycle bike sharing system for all SPARKwest residents.
SPARKwest Details:
- Built with families in mind: The units have 19 three-bedroom units and 26 two-bedroom units.
- Climate-friendly: A 116 kW solar system installed. The annual offset equals 262,517 miles driven or 243,074 lbs. of carbon dioxide.
- Amenities: In-unit washers and dryers, central walkable/transit-oriented location, complimentary RTD EcoPasses for all residents, bike path access and numerous other community amenities.
- Financing: The City of Boulder contributed $3.8 million to the project costs and CHFA provided the Federal and State Low Income Housing Tax Credits.
- LEED-ND certification: Sopher-Sparn Architects of Boulder designed SPARKwest to meet LEED Neighborhood Development (LEED-ND) certification.
- Sustainability goals: Element’s sustainability goals for SPARKwest surpass high-performing buildings to include access to alternative methods of transportation.
- More project information can be found at www.SPARKwestboulder.com
Element Properties has been providing sensitive affordable and market-rate development projects in Boulder for more than 16 years. Element Properties takes great pride in creating projects that are in harmony with their surroundings, preserving historic character whenever possible and working with project partners towards inspiring outcomes to improve neighborhoods. Element Properties seeks to redefine the role of the developer through creative and sustainable solutions that respond first to community needs. http://www.elementproperties.com/
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