KECHTER TOWNHOMES EXPANDS HOMEOWNERSHIP OPPORTUNITIES IN THE LOCAL COMMUNITY
FORT COLLINS, CO – TWG (www.twgdev.com), a national real estate development company specializing in commercial, market rate, affordable and senior housing developments, today announces the construction of Kechter Townhomes, a $19.5 million affordable for-sale townhome community coming to Fort Collins.
Located at 3620 Kechter Road, Kechter Townhomes will feature five two-bedroom, one bathroom units and 49 three-bedroom, two bathroom units. Built on nearly five acres, the two-story development will encompass multiple buildings, consisting of two to four townhomes per building with attached garages.
Kechter Townhomes makes home ownership more attainable by creating a permanently affordable townhome neighborhood, filling the affordable housing gap in Larimer County. These for-sale homes are restricted to 80% of the area median income (AMI).
THE PRICE OF HOMES IS SKYROCKETING, AND OWNING A HOME HAS BECOME UNATTAINABLE FOR MANY ACROSS THE COUNTRY,” SAID RYAN KELLY, VICE PRESIDENT OF TAX CREDIT DEVELOPMENT AT TWG. “WITH THE KECHTER TOWNHOMES PROJECT, TWG IS PROUD TO PROVIDE 54 FAMILIES A PATH TO AFFORDABLE HOME OWNERSHIP.
The City of Fort Collins supported this project through their Land Bank Program, which buys and holds land for the future development of long-term affordable housing. This land was owned by the city for nearly two decades, and will now offer local residents new opportunities for home ownership.
THE LOCATION OF THIS PROPERTY BETWEEN TWO SCHOOLS AND TWO PARKS MAKES IT IDEAL FOR THIS TOWNHOME COMMUNITY. GENERATIONS OF FAMILIES WILL BENEFIT FROM THE HOUSING BUILT THERE,” SAID SUE BECK-FERKISS, WHO MANAGES THE LAND BANK PROGRAM FOR THE CITY OF FORT COLLINS.
The Elevation Community Land Trust (ECLT) was involved in bringing this project to life, with the organization working toward making homeownership more accessible and equitable for Colorado families. ECLT received a $1.4 million grant from The Colorado Department of Local Affairs (DOLA) Division of Housing (DOH) to make the sale of these townhomes possible.
THIS IS A PERFECT EXAMPLE OF HOW PARTNERS, ALIGNED IN MISSION AND WILLING TO TAKE CALCULATED RISKS, CAN TOGETHER ACCOMPLISH EXTREMELY DIFFICULT BUT BEAUTIFUL OUTCOMES,” SAID STEFKA FANCI, PRESIDENT AND CEO OF ELEVATION COMMUNITY LAND TRUST. “THIS IS TRULY A LEGACY PROJECT THAT WILL BENEFIT GENERATIONS OF FORT COLLINS FAMILIES.
Key partners in the development of the project include Landmark Consultants, Inc., McCool Development Solutions (MDS), Northern Engineering, Ripley Design, Inc. and Studio Architecture. FirstBank provided the construction financing. TWG also worked closely with Housing Catalyst, a local affordable housing provider in the Fort Collins area.
HOUSING CATALYST IS PROUD TO BE A PART OF THE KECHTER TOWNHOMES PROJECT, WHICH IS A MUCH NEEDED DEVELOPMENT IN OUR COMMUNITY,” SAID JULIE BREWEN, CHIEF EXECUTIVE OFFICER OF HOUSING CATALYST. “THE FINANCING FOR THIS KIND OF DEVELOPMENT IS MORE COMPLEX THAN MANY PEOPLE CAN IMAGINE, AND WE ARE HONORED TO WORK WITH ALL OF THE PARTNERS INVOLVED TO MAKE THIS PROJECT A REALITY.
This project marks TWG’s 99th deal to date, and follows additional developments in Colorado including Maxfield Heights in Rifle and Residences at Delta in Delta. Construction of Kechter Townhomes is expected to begin in February, and the community is expected to be completed in Summer 2023.