Czb Notes for Boulder Housing Partners · 2019-05-28 · - An on-going revenue stream should be...

Holiday Neighborhood

Holiday

Holiday

Site Background

•27 acres of land

•2 acre park area

•Pedestrian walkway

•Community Gardens

•Live/Work and Artist's Studios

•Small neighborhood businesses

Holiday Drive In Theater: early 90’s after screens removed

Finance

- At a minimum, the project should break even during the development phase

- The goal is to have a surplus at the end of project development that could be used for future development projects

- An on-going revenue stream should be provided to the Housing Authority from the rental units

- The financial objectives of the project will be balanced with overall goals and design

- If office space is developed for the Housing Authority, there will be no net on-going cost to the Authority

Holiday Neighborhood Original Guiding Principles: 1997

Design

- Design to create compatible diversity and variety

- The development should not be identifiable as one project

- Approach as a series of small projects or villages

- For the apartment units, build in blocks of four to six units

- Create a feeling of coherent community

- Emphasize high quality design and construction; build for a useful

life of 100 years

- Incorporate rich and durable materials, such as brick and stone,

particularly into the commercial element

- Use the best of the neo-traditional design approach to function,

including;

- Grid streets

- Human scale architecture

- Public space

- Mixed use, to include office and artists

workshops and housing type

- Front porches

- Alleys

- Address the relationship to the edges and adjacent uses to

ensure neighborhood compatibility

- Provide a viable transportation network, which provides bike

and pedestrian connections

- Design to promote community in a way that balances

interaction and privacy

- Include a review of design techniques, such as inner courtyards

- Emphasis sound proofing and other ways to provide peace and

privacy

- As part of the design approach, establish maximum FARs or

square footage limits

Timeline

Drive-In Operated 1969-89

City annexes property 1990

City acquired Drive-In 1997

City transferred land to BHP 1997

Site Plan Approval 2001

Final Approval 2002

Broke Ground 2003

Buildout complete 2007

Public Process

• Guidelines - Adopted in October 1997

• Focused on four areas • Design

• Finance

• Population and Market

• Possible Partners

Financed in Three Phases

1. land acquisition

2. Infrastructure development

3. rental housing

Land acquisition

1. CHAP Grant - $1 million

2. City purchase and reserves used as backing for short term bank loan

3. CDBG – backed long term loan –flexible terms (Section 108 loan)

Infrastructure

1. financed through bank loan

2. paid off through developer purchase of lots

Rental housing -scattered

• Low Income Housing Tax Credits

• Local and State grants

• Bank loan

• 10 units financed with McKinney-Vento Act funds for individuals transitioning from homelessness

Holiday numbers

• Total housing units – 333

• 41% affordable

• 82 affordable for rent

• 56 affordable for sale

• 60,000 square feet of retail/commercial

Development Plan

Main Street North

Yellowpine

Carriage Units

Studio Mews

Crescent

Wild Sage

Community Gardens

Lessons learned

1. Local funding was key in taking the first step to acquire the land

2. City funding helped ensure City goals were met

3. Breaking down a big project into phases helped focus the efforts on a step at a time

4. No one source of funding was enough

5. Having a public sector developer helped ensure that public benefit was always the top goal