HomeMy Public PortalAboutTOF Attainable Housing Audit 10-31-17
CORNERSTONE
ATTAINABLE HOUSING
PLAN AUDIT
October 2017
Page 1
INTRODUCTION & BACKGROUND
This Attainable Housing Audit was produced by Cornerstone Winter Park Holdings, LLC
(“Cornerstone”) in accordance with the Attainable Housing Plan approved by the Town of
Fraser (“Fraser”) utilizing data provided by the Fraser Manager, Jeff Durbin, on December
15, 2016 and building permit data obtained from the Winter Park/Fraser Building
Department on January 11, 2017 pertaining to development in Rendezvous and Grand
Park.
Cornerstone provided Fraser with an Attainable Housing Plan as specified in the
Annexation Agreement that was approved by the Town of Fraser Board of Trustees on
April 20, 2005 pursuant to the Town of Fraser Resolution No. 06-02-07 adopted on June
20, 2007 (“Cornerstone Attainable Housing Plan”) attached hereto as Exhibit A.
The Cornerstone Attainable Housing Plan sets forth the manner in which Fraser and
Cornerstone shall work together to provide 144 Attainable Housing Units. The schedule
shown in Figure 1 below establishes the proportionality of 144 attainable units relative to
the entitlements. Lodging Units and Commercial Square Footage Entitlements were
converted to a common single family equivalency utilizing the Meurer & Associates water
master plan for the project to arrive at an overall single family unit equivalency for the
Annexation Agreement entitlements to derive the ratio of Attainable Units to non-
attainable units of .0348:1.
Figure 1
Page 2
CORNERSTONE ATTAINABLE HOUSING PLAN
UNIT PROPORTIONALITY CALCULATION
GRAND PARK
Planning Area Avg. Density
Approx.
Acres
% Total
Area detached attached
Lodging
Units
Commercial
Sq. Ft.
1Wa 6.8 33.6 2.4% 230 300 150,000
1Wb 9.3 4.3 0.3% 40
2W 10.0 25.1 1.8% 250 278 100,000
3Wa 9.8 11.2 0.8% 110
3Wb 14.8 5.4 0.4% 80
3Wc 5.1 11.7 0.8% 60 30,000
4W 11.8 8.5 0.6% 100 65,800
5W 5.9 16.9 1.2% 100
6W 0.0 4.0 0.3% public site
7W 3.0 88.8 6.4% 45 225
8W 2.8 50.1 3.6% 63 75
9W 3.4 45.5 3.3% 153 200 20,000
10W 2.8 42.6 3.1% 118 350 30,000
11W 3.5 9.7 0.7% 10 24 150
12W 5.9 15.6 1.1% 92
13W 1.6 31.1 2.2% 50
14W 2.4 49.6 3.6% 117
15W* 0.5 26.1 1.9% 12
16W* 0.9 102.5 7.4% 90
17W* 0.6 120.0 8.7% 72
18Wa 0.6 23.2 1.7% 14
18Wb 1.1 42.1 3.0% 47
19W 5.0 35.9 2.6% 86 93
20W 4.6 12.5 0.9% 57
21W 2.1 23.6 1.7% 50
22W 1.0 80.1 5.8% 80
subtotal 2.8 919.7 66.3%686 1857
23W (golf / os) 466.8 33.7%
TOTAL 1386.5 100.0%1278 395,800
RENDEZVOUS
Planning Area Avg. Density
Approx.
Acres
% Total
Area detached attached
Lodging
Units
Commercial
Sq. Ft.
East Mountain Filing 1 0.8 129.5 29.2% 110
4E 136.95 30.9%
East Mountain- Filing 2
(6E) 3.6 44.9 10.1% 131 32
7E 4.1 22.6 5.1% 41 52
9E 8.0 19.9 4.5% 160
11E 6.3 9.6 2.2% 60
12E 5.9 9.75 2.2% 58 29,200
13E 14.0 4.3 1.0% 60 130 15,000
14E 16.0 5.0 1.1% 80 20,000
Linear Park 60.3 13.6%
Cozens Museum 0.5 0.1%
SUBTOTAL 342 442
TOTAL 443.3 100.0%130 64,200
Combined Density Totals 1,830 1,408 460,000
Single Family Equivalent of commercial and lodging unit entitlements 352 460
Residential Entitlements 3,327
Lodging Unit Equivalent (.25 per lodge unit) 352 Calculated Using Meurer Master Plan EQRs per unit
Commercial Equivalent (1 per 1,000 s.f) 460 Calculated Using Meurer Master Plan EQRs per unit
Units for Proportional Attainable Dev. 4,139
Attainable Units 144
Attainable Unit proportionality 0.0348 per unit developed
3,327
Residential
2543
Residential
784
The Certificate of Occupancy issuance data for development completed to date at Grand
Park and Rendezvous was incorporated in the schedule shown in Figure 2 below. This
schedule establishes the Attainable Units which are in proportion to the developed units
utilizing the ratio derived by the schedule in Figure 1 of 0.0348:1.
Figure 2
Page 3
CORNERSTONE ATTAINABLE HOUSING PLAN
Entitlements Realized based on Certificte of Occupancy Issuance
Annexation Agreement Project
Residential Units
detached & attached
Lodging
Units
Commercial
Sq. Ft.
Grand Park 90 0 9,497
Rendezvous 257 0 6,981
TOTAL 347 0 16,478
Above represents January 2017 Counts
Residential Units (Approx. per Catherine 10/31/17)444
Lodging Unit Equivalent (.25 per lodge unit) 0
Commercial Equivalent (1 per 1,000 s.f) 16.48
Developed Units 460
Attainable Unit Ratio 0.0348
Attainable Units to meet Proportionality 16.02
This schedule indicates 16.02 Attainable Units in 2017 meet the proportionality provisions
of the Cornerstone Attainable Housing Plan. This is based on an approximate 444 unit
estimate from Catherine Trotter with the Town of Fraser. The last count of residential
units in January of 2017 was quite a bit lower and the approximate number of Certificate of
Occupancy data obtained from Fraser should ultimately be verified to the exact unit count
at which time the schedule above can be updated.
Grand Park exceeds the Attainable Units proportionality by providing rental units to
residents living and working in the Fraser Valley meeting the Cornerstone Attainable
Housing Plan requirements. Additionally, the Elk Creek at Grand Park Filing 3
subdivision plat will be recorded in November, 2017 which includes eight Attainable
Housing lots in the Elk Creek Filing 3 Subdivision. An additional seven Attainable
Housing lots are designed to be located on a portion of the adjacent Meyer Lot 2 parcel.
Engineering design is complete for these additional seven lots and plat processing will
begin in November, 2017. Water and sewer infrastructure installation is currently
underway for service to these 15 Attainable Housing lots.
Figure 3 below includes a schedule that calculates Attainable Housing Units Provided in
2017 to date.
Figure 3
Page 4
CORNERSTONE ATTAINABLE HOUSING PLAN
Attainable Housing Units Provided in 2017
Property Location Type
Total Square
Footage
Heated
Livable
Square
Footage Bedrooms Bathrooms
No. of
Units
105 Carriage Road, Fraser, Colorado Duplex 4,188 2,680 5 3.5 5.36
227 Mulligan, Fraser, Colorado Single Family 2,406 1,830 4 3.0 1.22
Winter Sage #207, Granby, Colorado Condo 1,096 1,096 2 2.0 2.19
Winter Sage #208, Granby, Colorado Condo 1,107 1,107 3 2.0 2.21
Winter Sage #108, Granby, Colorado Condo 1,107 1,107 3 2.0 0.92
34 Meadow Trail, Fraser, Colorado Single Family 3,928 3,299 5 4.5 6.60
38 Meadow Trail, Fraser, Colorado Single Family 2,370 1,782 3 2.5 3.56
Elk Creek Subdivision SF Lots (8) 12.00
Elk Creek - Meyer Lot 2 SF Lots (7) 10.50
TOTAL 16,202 12,901 25 19.5 44.57
More specific details of the provided Attainable Housing Units are included below:
1. Duplex located at 105 Carriage Road, Fraser, Colorado –5 bedrooms and 3.5 baths
in 4,188 s.f. of space. The combined heated living area of the two units is 2,680 s.f.
This rental duplex building qualifies as 5.36 units.
2. Single Family Home at 227 Mulligan, Fraser, Colorado - 4 bedrooms and 3 baths in
2,406 total square feet with 1,830 s.f. of heated living area. This rental home
qualifies as 1.22 units prorated as the lease expired April 30, 2017.
3. Condo at Winter Sage 207, Granby, Colorado – 2 bedroom 2 bath in 1096 s.f. This
rental condo qualifies as 2.19 units.
4. Condo at Winter Sage 208, Granby, Colorado – 3 bedroom 2 bath in 1,107 s.f. This
rental condo qualifies as 2.21 units.
5. Condo at Winter Sage 108, Granby, Colorado – 3 bedroom 2 bath in 1,107 s.f. This
rental condo qualifies as .92 units prorated as the annual lease did not commence
until August, 2017.
6. Deed restricted single family lots designated as Attainable Housing lots in the Elk
Creek Filing 3 subdivision pending approval. The Attainable Housing Units
equivalency for these 8 single family vacant lots equals 12 units pursuant to the
Cornerstone Attainable Housing Plan.
7. Deed restricted single family lots designated as Attainable Housing lots on a
portion of Meyer lot 2 subdivision pending submittal. The Attainable Housing
Units equivalency for these 7 single family vacant lots equals 10.5 units pursuant to
the Cornerstone Attainable Housing Plan.
8. 34 and 38 Meadow Trail, Fraser, Colorado (Grand Park Cozens Meadow homes)
Single Family Homes are long term rented to full time residents meeting the
Attainable Housing Plan requirements.
Cornerstone has been working diligently to design and evaluate various attainable housing
concepts. Including the following: 1. 230 unit condo style rental project in the Willows
Subdivision; 2. Fifteen homes to be located in Elk Creek Filing 3 and a portion of Meyer
Lot 2 on deed restricted lots; and 3. A fourplex project at Byers Peak Ranch consisting of
48 two bedroom, two bath units in twelve buildings. All of these projects are in various
design development and financial evaluation stages.
Page 5
It is important to note the current business plan for Grand Park involves producing homes
that work well for the second homeowner but also accommodate the full-time resident.
The development program at Grand Park is one that melds full-time residents with second
home residents seamlessly due to the development plans, product designs, and price points.
This makes for vibrant, fun, social neighborhoods that also help to increase economic
development activity in the area.
As an example: 1. the Cozens Meadow neighborhood has 15 full time families living and
working here; 2. the Cozens Pointe neighborhood has 5 full time families; 3. The new
Willows neighborhood currently has 4 full time families and several other full time
families under contract; 4. The Elk Creek neighborhood (filings 1 and 2) have 11 full time
families out of 20 completed homes and another 2 full time families under contract for
homes currently under construction. While these are not qualified units under the
Attainable Housing Plan, it is supportive of the fact Grand Park is a community comprised
of both full time and second home residents. It is the intention that Grand Park continue to
grow this trend for the foreseeable future.
The Cornerstone Attainable Housing Plan specifically provides that sufficient demand for
housing must exist prior to commencing development. Cornerstone’s design work and
ongoing evaluation of various projects is indicative of its commitment to finding a product
and project that has sufficient demand to justify commencing development.
The Cornerstone Attainable Housing Plan also provides Fraser will consider incentive
programs, modified development standards, and other regulatory approaches to facilitate
attainable housing costs, in addition to assisting with the involvement of other
jurisdictions.
Cornerstone’s Attainable Housing mission is acknowledging the societal responsibility for
fostering housing affordability, to create an environment that preserves and produces
affordable homes for all residents, and to develop resources to fill the void between
production costs and housing consumers’ abilities to pay.
Cornerstone recognizes and appreciates Fraser’s efforts to encourage development of
attainable housing by continuing to address its regulations that are barriers to affordable
home construction. Fraser’s cooperation, input, ideas, and assistance are needed in order
to achieve success with Cornerstone’s Attainable Housing mission which will in turn help
to foster economic and business development in our community.