HomeMy WebLinkAboutBozeman II Presentation - GMD - 2-13-19Bozeman Affordable Housing OpportunityTschache Lane - Bozeman, MTCommunity Affordable Housing Advisory Board – Funding RequestGreg Dunfield & Steve Dymoke520 Pike StreetSeattle, WA 98101206-745-6464Steve@gmddevelopment.com
OPPORTUNITY 15.75 acre site could support 240-280 units of affordable rental housing, plus significant community commercial space and amenities. •About 100 units of Senior Independent Living housing•One 3-story elevator building, plus 5 unit, two-story walkup cottages•About 150 units of Family Housing •12 / 20 / 24 3-story walkup garden buildings, plus 3BD townhome units Rockcress Commons
The proposed development site is 15 acres of land, 12 of which are developable. Hugging the north and east sides of the lot are wetlands, a small pond, stream, and a biking/walking trail. To the south and west are the Bozeman Lowes, and Tschache Lane, which terminates at the aforementioned wetlands. The lots east of the property have been approved to be developed into commercial and office space, expanding the 19th Ave retail district.Green Space and Wetlands Buildable AreaCurrent trail systemsApproved Adjacent DevelopmentsNE ViewEast ViewSouth ViewCONDITIONS
Along the main access road, Tschache Lane, the proposed development would provide commercial space frontage. The intent of this space would be to provide supportive service such as child care, senior activity/support, outward bound, YMCA, boys and girls club, Bozeman Parks and Recreation, etc. to the residents of the apartment community and of greater Bozeman.All residential units would sit behind the main commercial space fronting TschacheLane. The proposed residential development would be comparable to Larkspur Commons, a property in Bozeman completed in 2017; Invoking similar material and feel of that project. Conceptual Site PlanCONCEPTUAL DESIGNLarkspur Commons
Given the close proximity of goods and services, and the natural features that abut the site, this location would be ideal for a mix of senior and multifamily apartment housing. The walkability of this location would reduce the number of car trips for groceries, shopping, and to work for parents employed in this retail district. Other possible improvements and amenities in addition to the housing could include:LIVABILITY •Green and open space •Community playground•Community garden•Bike parking and storage •Wetlands trails and trail access•On site activity room for residents•Improved walking paths•Possible on site childcare•Possible on site medical/dental clinicThe proposed development would likely serve families and individuals with household income between 50-70% of the area median income. Additionally GMD is looking into other sustainable ways to reach a broader range of households, allowing the possibility to serve lower income families.
RESIDENT AFFORDABILITY •Half the units in each project would target households at less than 50% AMI (income and rent).•Remaining half would accept households up to 70% of AMI income, with rents set from 60-70% of AMI.•Communities will be sustainably designed and built with high quality materials and solar photovoltaic and solar thermal to reduce both owner and resident utility cost. Starner Gardens
•Local political and financial support•B2 zoning and conditional use permitFinancial feasibility Title reviewSurveyEnvironmental reviewPreliminary site plan Soils and wetland review Qualified Census Tract INITIAL 90 DAY DUE DILIGENCE PERIOD – “GO OR NO GO”
CURRENT RENT SUMMARY - 2018 Area Median Incomes
Funding Request: $500,000 (approximately $1,850 / per unit)•Would provide critical funding gap that will leverage approximately $32 million in Tax Exempt Bonds + $20 million in Tax Credit Equity.•Funding to be used to offset general construction costs.Estimated time of closing = Fall 2019CAHAB – CITY OF BOZEMAN - Funding Request