Thread by @shayshinecastle

Carlisle wants to talk about the Pollard site conveyance. Some info on that:

2630 Pearl (30Pearl)
5.4 acres, land banked
Quadrant 1 to Morgan Creek Ventures: 76 market-rate units + 18,600 sq ft of commercial space, half of which will be 75% of market-rate; 100 parking spots.

Carlisle wants clarification of how the market commercial rents will be measured.

OK, back to notes: Biz must be small, local and independent OR minority or women-owned OR nonprofit; rent increases capped with inflation; leases of 3-5 years; retail spaces averaging 3,000 sq ft

Residential units will be rented but with potential to convert into ownership units in 7-8 years.

Carlisle has another concern about affordable units that will be on site (more on that in a minute): They'll be tied to AMI, which rose rapidly last year. Afraid they won't be truly affordable.

Kurt Firnhaber is answering her qs: There will be an assessment of the property to determine what the market commercial rents for those spaces would be. Done every 5 years.

Carlisle: Does that come back to council for review?

Not for a decision, but for an IP (info packet).

It's a pilot program; city has not done affordable commercial rents anywhere else yet.

Back to the project details:
BHP will take possession of Quadrants 2, 3, and 4North and 4South to enable the construction of the utilities for the entire site, including right of way improvements and an underground parking garage that will span Quadrants 2 and 3.

After site improvements are complete, Quadrants 3 and 4North will return to the city and then sold to private developers.
Quadrants 2, 3, 4North and 4South to BHP: 120 units of affordable and market-rate housing, affordable commercial, .6-acre park

Quad 2: 80 affordable units (30-60% AMI); 10 will be PSH (formerly homeless)
Quad 3: 62 market condos by private developer; 10 rowhouse condos; sold by Q3 2020
Quads 2-3 will have underground parking garage, built by BHP, 173 spaces; 94 for affordable housing, 79 for Quad 3 units

Quad 4N: 29 home ownership units, private developer. Expected to be affordable with preference to co-ops or cohousing; sold by Q3 2020
Quad 4S: 40 perm affordable units (30-60% AMI); half will be for adults with intellectual and developmental disabilities;

Ramble On will take 500 sq ft commercial space and provide services and training for independent living community

Construction beginning November (after getting tax credits worth $4.2M) and will last through 2021

Firnhaber talking about affordability of units. There will be a broad range of units for dif AMI levels.

At this time, to restate, 120 perm affordable rentals. Then some home ownership units are "anticipated" but numbers aren't known now.

Jones asking for "a few slides" from Firnhaber.

Some more details: There will be a park. Park land was purchased with $750K in parks and rec $$ from development excise tax
Size was reduced, so HHS will compensate parks & rec $133K and pay for construction
Quad 3 owner will construct and maintain park

Background on Pollard site
Transit-oriented development planning effort began in 2000
11.2 acres (then Pollard motors) purchased by city in 2004
City bought 8 acres for mixed-use development; RTD bought 3.2 for transit facility

Goals for the site: transit-oriented development; 220-300 units of housing; 50% affordable

City’s affordable housing investment to buy the site: $5,484,681

Otherwise, financials weren't discussed.

Firnhaber going over the quadrants now, the info for which you already have bc I just Tweeted it :)

Firnhaber addressing how the city settled on 10 permanently supportive housing units (PSH) which are for formerly unhoused residents. There are services provided along with the subsidized housing.

Based on experience, 10-12 is "something that works well."

Sale of Quadrant 1 to Morgan Creek Ventures will happen first week of Feb. That $$ will help BHP get tax credits needed to pay for the rest.

Who is Morgan Creek? They are based in Boulder and did Boulder Commons (near this site by the train tracks; the building with all the solar panels on it)

Weaver asked a q about inclusionary housing payments from the condo developers. I didn't understand the answer so I am not tweeting it. If anybody out in Twitter land does, please provide. I will RT.

Weaver q on Quad 4 for-sale units (29 of them): How many will be affordable?
Firnhaber: Probably about half.

Weaver: "I'm really impressed with this project. We get right near 50% affordable units, which is fantastic."

Reminding ppl that this almost fell through. dailycamera.com/2018/08/15/as-…

(I wrote that.)

Weaver again. "I think this is a fantastic project." References diversity of housing, including PSH and homes for disabled adults, affordable commercial rents.

Yates giving $$ for incomes this will serve. And reminding ppl that AMI has gone up 2.4% over the past 10 years, though it changes from year to year. (Last year it went up 10.8%)

BHP doesn't raise its rents that much on current tenants when there are huge jumps; they wait for the units to turn over and keep increases on tenants from 2-3%.

But other affordable rental landlords *do* sometimes raise them higher than that, which is a problem.

Yates "gushing" about Ramble on Pearl and the housing for developmentally disabled adults. "It's a fabulous partnership, thanks for putting that together."

Carlisle is "still concerned" about affordability. "It's a great project; I know it's taken a lot of work on a fairly short schedule to put it together."

OK, I'mma wrap this thread, too, for another one.

@threadreaderapp please unroll. Thank you!