The Crested Butte News Serving the Gunnison Valley since 1999
State approvals never a quick process
By Mark Reaman
If it appears the Mineral Point affordable housing construction project isn’t exactly breezing through the summer, you are correct. But that should be changing, and the expectation is still that people will be moving into the complex about a year from now.
According to Crested Butte housing director Erin Ganser, the Mineral Point complex got off to a late start because of a delayed submittal to the state for approval of public right-of-way fire suppression lines, coupled with a slow turnaround time for the state’s review.
“Understanding that sort of delay is now normal, the developer, TWG Development, is working with local subs to get as much done as possible by focusing on installing sewer lines and prepping foundations,” Ganser said last week. “The majority of the subcontractors on the project are local, which has been a benefit to the project by supporting tighter scheduling and better overall coordination and problem solving.”
She said that TWG has indicated to the town that the slow start this summer will not set them back and the project should be done next summer with people moving in by August of 2025. Major construction work at the site should kick into gear this week.
Mineral Point consists of 34 units in three buildings.
The units are a mix of studio, one- and two-bedroom apartments serving households at 30%-60% Area Median Income (AMI), or a single person making between $21,000 and $43,000 annually.
Property amenities include a shared community room, dog washing station, storage space with each unit, covered bike storage for the complex and an all-electric, sustainable design with solar panels. TWG’s development costs are just under $16.9 million, funded by an award of Low Income Housing Tax Credits, and multiple state grants and loans from the Colorado Division of Housing and the Colorado Housing and Finance Authority. Ganser explained that TWG also deferred developer fees, and the Town of Crested Butte is providing gap financing. Construction costs are just under $11 million. Each building is approximately 8,000 square feet.
“This project responds to what the core rental needs are as defined by the Housing Needs Assessment,” said Ganser. “About 56% of North Valley renter households have incomes at 60% AMI and below.”
As an example, according to a chart in the Needs Assessment study, a childcare worker in the valley makes between $30,000 and $45,000, which puts them in the 40% to 60% AMI range. That means they could afford between $750 and $1,150 a month in rent. The rents in the 34 units will be between $550 and $1,500 a month depending on the unit and the AMI designation.
The first major part of the construction will be the pouring of foundations for the three buildings, which is slated to start on August 5.
