Rifle breaks ground on affordable housing project
This article originally appeared in Post Independent on September 30, 2024.
A long-awaited development broke ground in Rifle on Friday, signaling the start of a transformative affordable housing project that hopes to support the local community.
The new apartment complex, located at 115, 123, and 131 Park Avenue, will bring more affordable housing to Rifle, adding 60 units spread across three buildings. This is the first affordable housing project of its kind in over 20 years for the town, offering hope to families struggling with rising housing costs.
“We’ll have 60 units total,” Evergreen Real Estate Vice President of Development Javonni Butler said. “We’re going to have one-bedroom, two-bedroom, and three-bedroom units—30 one-bedrooms, 20 two-bedrooms, and 10 three-bedrooms.”
The complex will cater to households earning 30% to 80% of the area median income (AMI). Out of the 60 apartments, 14 will be designated as project-based voucher units for families earning at or below 30% AMI.
The project includes several amenities designed to enhance the living experience for residents. Among these are on-site storage units, a community room, a fitness facility, and a play area for children. Butler highlighted that the apartments will feature market-level finishes to ensure a high-quality living space. In addition, the complex will connect directly to the Rifle Creek Trail, offering easy access to Centennial Park and nearby schools.
“There will be a play area for kids, and the site will connect with the Rifle Creek Trail,” Butler said. “It’s a really cool project. I’m just really proud we’re getting it done.”
This development stands out as Rifle’s first affordable housing project to utilize low-income housing tax credits (LIHTC) in more than two decades, according to Butler. The project is estimated to cost around $29 million.
The new complex will offer units priced according to various income levels, with one-bedroom apartments ranging from $496 to $1,456, two-bedrooms from $585 to $1,738, and three-bedroom units between $668 and $2,000.
“We’re going to double the amount of deed-restricted affordable housing in Rifle,” Butler said. “It’s going to be a great opportunity for families who need affordable housing in the downtown area.”
Rifle Mayor Sean Strode expressed his enthusiasm for the project, emphasizing its role in addressing the local housing shortage.
“It’s a great project, and I’m really glad it’s going to be in Rifle,” Strode said. “There’s no one solution to affordable housing. This is one piece of the puzzle that helps create housing for residents of all different economic standings.”
The apartment complex is set to open for leasing in fall 2025, with pre-leasing slated to begin next summer. This project has been years in the making, with multiple organizations — including Evergreen Real Estate Group, the city of Rifle, and various financing entities — working together since 2021 to make it a reality.
“It took at least three years of collaborating, but it’s really exciting to see it moving forward,” Strode said.
The development will not only provide affordable housing but also contribute to the revitalization of the surrounding area. The city of Rifle secured funding from the state of Colorado to improve Park Avenue, enhancing the infrastructure around the complex.
“It’s going to be a transformational project for the area,” Butler said. “We’re bringing a new community to downtown Rifle, where people won’t be housing cost-burdened.”