DEVELOPMENT PROJECTS
750 North Street
Recycle 1956 Duplex, Construct 11 Permanently Affordable Coop Shares in single family home footprint
FROM: 750 North 1956 unupdated 2200 sf duplex
TO: a 11 share ownership or “private equity” coop with monthly mortgage/electric bike car fleet/utilities cost as low as $1400 per month (with $10,000 downpayment) in Boulder’s best neighborhood!
Overview
750 North St LLC is a partnership between local investors and future residents and Goose Creek Community Land Trust.
Goose Creek, working as the developer aims to create permanently affordable, beautiful, sustainable project that enhances community and the quality of life of residents and neighbors while appropriately rewarding investors owning the pilot property (who include owner-investors, neighbor-investors and future owner-residents) to show how the market can easily replicate such projects.
Next Steps: Interested in living here or investing? Please contact David Adamson: 303 545 6255 david@goosecreekclt.org
THE WHAT:
Transform older “obsolete” (and often poorly maintained) rental houses into newly constructed, net-zero energy community assets. Following a compact low-rise multi-unit attached housing model, this process can produce new home ownership options which are more affordable for working professionals, the elderly, young families…and anyone who desires to enjoy the convenience of living closer to where they work, live and play.
THE PLAN:
Recycle a little-updated 1957 duplex. Replace it with a residential design that fits the scale of the neighborhood, while delivering 11 coop shares (10 bedrooms in first two floors with common kitchen, living, dining, offices on top level and an ADU in back!).
THE WHY:
Affordability. Community. Quality of Life.
This compact residential model provides high quality housing accessible to a wide spectrum of Boulder incomes. They fit into the existing fabric of single-family neighborhoods physically and degentrify them socially. By strategically locating these housing models near transit, bike paths and commercial areas, they decongest traffic, decarbonize emissions and encourage more walking and biking to school, shopping and work which creates more vital, attractive public spaces. Best of all, this housing model requires almost no public subsidy to bring the American Dream back for middle-income buyers in Boulder.
THE HOW:
1. Local Finance:Local investment group (or existing resident owner seeking to downsize but remain on property) buys an older single family home which otherwise would be “mcmansionized” . Property acquisitions near transit and commercial centers are targeted as at 750 North St.
2. Community Benefit Zoning:New property owner(s) agree to donate underlying land to Goose Creek, a 501 (c) (3) Community Land Trust (CLT) to realize beneficial tax savings IF high community benefit zoning can be achieved (in this case 8 micro-units with shared electric vehicles). Owners realize taxsavings over one or more years following donation.
3. Unit Sales and ConstructionThe CLT qualifies buyers (with incomes of 60-150% of Area Median Income) with a preference for employees working in the city. CLT organizes construction financing and development partners. Construction begins
4. Economic Benefits of Completed Housing.The Investor/Owners sell the constructed units to workforce buyers generating profit for them (and an incentive to do more) and employment for development, design, construction and finance professionals with important tax base enhancement for the City. The new residents can later sell their units to other income-qualified buyers identified by the CLT, and realize some equity gain (~3% per year which can add up over the years but is in line with local salary inflation).
5. Sustainability BenefitsAll units are near net-zero energy and renewably powered. Buyers will have electric car and bike sharing, Ecopasses and other “Ecomobility” support built into their unit pricing. They are free to own additional vehicles but would purchase a parking spot offsite for them; only limited guest parking, which is restricted by a neighborhood parking permit program, is allowed in thestreet.
6. Community BenefitsThe community and the underlying land is stewarded in perpetuity by the CLT which encourages community events and resident -neighbor connection. The appreciation restriction in the land lease ensures the units will ALWAYS remain affordable.
7. Scaling the Benefits:This pilot at 750 North St. will anchor an evolving North St. NeighborhoodEcoDistrict.
The Project
750 North St. will be a replicable model for transforming many aging single family properties into mixed income, permanently-affordable condo/micro-unit homes served by low-carbon transportation whose owners have an interest in building community around them.
Construction:8 units, strawbale-wood frame or offsite superinsulated manufacture, net zero energy.
Market: all units are 60-150% appreciation restricted to 3% per year, with preferred buyers being current locally employed public employees and staff of area environmental and social justice-related non-profits or other social enterprises (B-corps, Low Profit Limited Liability Company –L3C etc).
Pricing: $150,000 to $600,000 for 250-800 sf condo units. Estimated monthly costs assuming 20% down are $800-$3900 including mortgage, utilities, building maintenance and shared ownership of 3 electric cars, a utility “ski” car, electric bikes and transit passes.
Similar inspiring projects:
8 tiny homes on a single family lot
Low rise 100% fossil-free apartment building on transit line.
