(EL PASO COUNTY, Colo.) — A new, affordable housing project will break ground in January 2023, and will feature 133 units, with 10% of units reserved for veterans facing homelessness.
Cohen-Esrey Development Group announced the closing of Panorama Heights earlier in December, and said the 133-unit affordable housing project will aim to address Colorado’s “housing crisis.”
According to a press release sent by El Paso County, the site of the build, located five miles southeast of Downtown near the major intersection of Academy and Fountain Boulevards, will be transformed with a 4-story mid-rise, green space, and structured parking.
“Our region continues to excel at collaboration and effective public policy and service, as demonstrated by this impactful project,” said El Paso County economic development director Crystal LaTier. “El Paso County is proud to be a partner on the Panorama Heights project and extends its gratitude to our local and state government partners that are also supporting this project.” A special thank you to the Cohen-Esrey’s development team, who has not only been committed to the development but also to partnering with our community members and service agencies to ensure that the development meets the needs of our region.”
The $45 million project is the first affordable housing development in Colorado Springs to leverage tax increment financing, according to El Paso County.
The city provided development review fee rebates and a sales tax rebate on construction materials, and helped Cohen-Esrey pioneer a voluntary project set-aside of 10% of units for veterans experiencing homelessness.
“By setting aside 13 units for homeless veterans, the Panorama Heights project helps the City of Colorado Springs reach its goal of ending veteran homelessness,” said Steve Posey, community development manager for the City of Colorado Springs.
The rest of the project will serve low and moderate-income family households at the 30%, 50%, and 70% area median income levels. For reference, the four-person household median income in El Paso County is $96,100.
The project’s original unit count was 137, before accommodating Harrison School District’s request to change 12 one-bedrooms to eight two-bedrooms, thus providing more family units.
Panorama Heights will break ground in January 2023 and open in the summer of 2024, at which time it will be Cohen-Esrey’s second affordable housing development in Colorado. Cohen-Esrey is also currently constructing Trails at Lehow in Englewood and partnering with The Place to develop The Launchpad in Colorado Springs, which will close in the second quarter of 2023.