CHICAGO, IL - Chicago-based Evergreen Real Estate Group today announced it has received a 9% Low-Income Housing Tax Credit (LIHTC) award through the Colorado Housing and Finance Authority (CHFA) for the development of Rifle Apartments, a 60-unit income-restricted rental community in Rifle, Colo. Evergreen expects to break ground on the project in early 2024.
“Rifle Apartments builds on our current work here in Colorado, and although it took a great deal of time and perseverance to get to this point, we are thrilled to be moving forward with support from the city of Rifle and Garfield County Housing Authority,” said Javonni Butler, project manager for Evergreen Real Estate Group and head of the firm’s Denver office. “After our first attempt at a project in Rifle last year, for which we were not awarded the 9% tax credits, we went back to the drawing board and now believe Rifle Apartments is a much more impactful project than our initial proposal. This new iteration will bring more affordable apartments, green space and amenities to what is currently the largest vacant parcel in downtown Rifle.”
Rifle Apartments, which will be built on a 4.7-acre site at the intersection of U.S. Highway 6 and Park Avenue, is located along Rifle Creek near the Colorado River and businesses in downtown Rifle. It is the first family-oriented LIHTC project built in Rifle over the past 20 years, aligning with the city’s Downtown TOD Strategic Plan and Comprehensive Plan.
“The provision of affordable housing options has become increasingly crucial in today’s challenging economic climate, where many individuals struggle to find suitable accommodations within their means,” said Tommy Klein, city manager for the city of Rifle. “Many people who work in our community cannot afford to live in Rifle, and this affects our business community in its ability to recruit and retain employees. This project affords citizens the opportunity to live and work here in this great neighborhood – it’s not just a place to live. We are grateful that Evergreen selected Rifle for this development.”
Butler added that there are hundreds of families on the local housing authority’s waiting list. “We’re honored to provide these much-needed homes to local residents most in need,” he said. “In addition to providing larger floor plans for families, these new apartments will help support workers who commute long distances to work in resort towns.”
Residents of Rifle Apartments will enjoy brand-new apartments with modern layouts and finishes, as well as a walkable location with easy access to local amenities, jobs, and pedestrian and bike paths, as well as beautiful mountain views, noted Butler.
Comprising three three-story buildings, Rifle Apartments will offer 30 one-bedroom, 20 two-bedroom and 10 three-bedroom units, reserved for households earning between 30% and 80% of the area median income (AMI). Of the 60 total apartments, 14 will be reserved for households with project-based vouchers.
On-site amenities will include a community room, fitness room, storage lockers and abundant green space that includes a playground. The development also will offer 115 parking spaces.
Designed by ej architecture to attain the highest level of NGBS Green certification, Rifle Apartments will be an all-electric development, reducing environmental impacts.
“Rifle Apartments is part of a rejuvenation of this corner of downtown Rifle, and residents will benefit from other nearby improvements, such as the extension of Park Avenue, which will relieve traffic congestion on a nearby street, and a new connection to the Rifle Creek Trail, which is a major component of the city’s TOD Strategic Plan,” said Butler. “Also adjacent to the development is a CDOT Park-N-Ride, which will be undergoing a multimillion-dollar renovation in the near future, providing improved access to jobs and amenities throughout the Roaring Fork Valley.”
Upon completion, Rifle Apartments will be professionally managed by Evergreen Real Estate Group. Shaw Construction LLC will serve as general contractor.
In addition to Rifle Apartments, Evergreen is developing a 170-unit income-restricted rental housing community in Denver’s Globeville neighborhood. The project will have 20,000 square feet of community-serving commercial space including a co-located public library branch.
About Evergreen Real Estate Group: Founded in 1999, Chicago-based Evergreen Real Estate Group is a fully integrated multifamily company that develops, acquires, and manages affordable and market-rate multifamily apartments for both seniors and families across 14 states. Evergreen specializes in thoughtful, creative residential development solutions -- from adaptive reuse of historic buildings to new development in cities and towns facing a shortage of affordable housing. The firm is led by a passionate, cross-disciplinary team of developers, architects, urban planners and attorneys who have come together to create high-quality apartment communities, often in collaboration with local municipalities and financial partners who share its vision of investing not just in real estate, but also the people who call our communities home. Evergreen currently owns and manages more than 11,000 units of multifamily housing. For more information, visit www.evergreenreg.com