Construction of $55M Workforce Housing Community Begins in Westminster
Jan 20, 2020
Denver-based St. Charles Town Company, LLC has closed on financing to construct St. Mark Village, a 216-unit workforce housing community on 97th Avenue and Federal Boulevard in the City of Westminster. The community will replace a vacant lot that is adjacent to the long-serving and much beloved Wishbone Restaurant. Construction has begun and is expected to finish in the summer of 2021.
St. Mark Village was aided by an acquisition loan from Mercy Community Capital and will be developed with construction and permanent financing provided by Citi Community Capital, tax credit equity from CREA, LLC, and soft funding from the City of Westminster’s Economic Development Department, and Adams County Community Development. Private activity bonds and 4 percent tax credits are being provided by the Colorado Housing and Financing Authority. The project will be the third between St. Charles, CREA, and Citi and promises to be an important community asset that will provide access to critically needed workforce housing within the City of Westminster, primarily serving families with 80 percent of the units providing two and three bedroom options.