The Northwest Apartments project that broke ground in Broomfield on Wednesday has an eye on providing long-term housing solutions for low-income families.
Developer and owner Highridge Costa Development estimates the new community should be completed by late fall 2023 and will provide 50 affordable rentals for families earning 30-60% of the Area Median Income.
“What a milestone,” said President of Highridge Costa Development Moe Mohanna.
The development is the ninth project Highridge Costa has completed in Colorado and among roughly 300 low-income apartment communities built nationwide since 1994.
“It’s not about the number of projects,” he said. “It’s about the number of lives that we change. That is our mission.”
Providing housing opportunities for all income brackets is a key community priority, Broomfield Mayor Guyleen Castriotta said.
“A groundbreaking is more than an event, it’s a symbol of things to come,” she said. “Both on this particular site and throughout the Broomfield community.”
Northwest Apartments will create housing alternatives for decades to come, Castriotta said.
“We are groundbreaking not just on a building but 49 places to call home,” she said.
The site will offer residents access to open space, employment and recreational options, Castriotta noted.
“(This is) a place that preserves water and energy for sustainability,” she said. “It’s not an idea but a reality.”
Establishing partnerships was crucial to move the Northwest Apartments project forward, said Kristin Hyser, executive director of the Broomfield Housing Alliance.
“No resident of Broomfield will have their ability to thrive diminished by lack of access to safe and affordable housing,” she said.
Financing for the project was bolstered by the state Division of Housing, which awarded housing developments grant funds.
“When projects like this get built they have to compete (for grant funding) with other projects around the state,” Colorado Housing Finance Authority Community Development Director Steve Johnson said.
Despite an initial request being rejected by state officials, Johnson said a subsequent application for funding was approved to build the array of 1-3 bedroom apartments.
“I’m thrilled to see these units go online,” Johnson said.
Castriotta noted city staff had supported the project from its inception.
“Broomfield is proud to be a primary investor in this project and our return is multi-fold,” she said.
