Breckenridge Town Council members dug their shovels into the earth for the groundbreaking of Denison Placer, the site of two planned affordable housing projects. Just moments later, they crossed the street to celebrate the opening of Pinewood Village II, an income-restricted apartment complex over a decade in the making.
“Literally a year ago, we had a groundbreaking ceremony on this site,” said Tim Casey of Mountain Marketing Associates, Ltd. “It’s ahead of schedule, on budget and 100-percent leased thanks to the people here today.”
Casey stepped aside to thank former mayor John Warner and former town manager Tim Gagen, for their efforts to acquire the 2.7-acre parcel from the U.S. Forest Service in 2012. He also thanked both the current and previous town councils, adding, “Because of their insight, and desire to create affordable housing and a sustainable community, we are here today.”
The new apartment complex will feature nine studio apartments and 36 one-bedroom apartments for residents earning up to 60 percent of the area median income (AMI). Located on Airport Road, the building is just across the street from the Breckenridge Recreation Center, and a short jaunt from the grocery store and Upper Blue Elementary School.
“It’s the perfect location. I’m thrilled,” Breckenridge mayor pro-tem Mark Burke said. “I happen to know people moving in here and they’re even more thrilled than we are.”
Already sold out completely, the first 16 residents will move in on July 1, just one week after Friday’s grand opening.
“It was great to see our workforce constructing it and now our workforce moving in,” Breckenridge councilwoman Elisabeth Lawrence said. “We should be so proud of this.”
Breckenridge town manager Rick Holman noted the project was the first low-income housing tax credit (LIHTC) funded project the town had done since building its predecessor, Pinewood Village I. With the groundbreaking on Denison Placer, the town is again seeking LIHTC credits for one of two projects at the site, located north of Upper Blue Elementary.
The first project, which broke ground on Friday, will feature 30 studio units at 80-percent AMI. Next to that, the second project is planned for two- to three-bedroom townhomes set at 30 to 60 percent AMI. The town has already applied for 9-percent tax credits, which would cover $12 to $13 million of project costs, but they won’t find out if they will receive them until August, at the end of this summer’s construction season.
“We’re trying to hit everything,” long-range planner Laurie Best said, adding that they hoped to “bring in families who would not have a home in Breckenridge.”
The town acquired the 254-acre parcel jointly with the Summit County School District in 2002, and the Block 11 vision plan was adopted in 2006.
Since then, the area has seen the addition of Colorado Mountain College, Timberline Learning Center and the Breckenridge Police Department.
“That was all part of the Block 11 plan,” Best said.