COLORADO SPRINGS, Colo. (KOAA) — A proposed $58 million affordable senior housing development could bring new housing, services and community space to Colorado Springs seniors if developers secure the funding needed to move the project forward.
The development, called Sugar Bowl Grove, is planned for a vacant 3.5-acre site near South Academy Boulevard and Chelton Road. The project would have 157 units designed for residents ages 65 and older and would be built in two phases.
"We looked and we saw that there was a huge need for affordable senior housing that was designed specifically for the needs of seniors," said Carl Szanton, president of the Szanton Company, the developer behind the project.
Sugar Bowl Grove would include affordable apartments, walking paths, community amenities and a Silver Key activity center offering services such as classes, meals and social programs. Jason DeaBueno, CEO of Silver Key, emphasized how critical these resources are for seniors.
“We have seniors that are trying to make ends meet with utilities, with paying for medications, actually even just food,” said DeaBueno.
For Sue Blythe, who has lived at the Silver Key Apartments at South Murray Boulevard for two years, affordable housing is more than just about rent, it's about stability, independence and having a place to call home.
“I’m free," said Blythe. "I am just so happy to be able to live in a place that I can afford.”
Blythe says the impact goes beyond finances.
“I don't have to worry about anybody breaking in. I sleep soundly,” said Blythe.
One of the primary goals, Szanton said, is helping seniors remain independent while combating social isolation.
DeaBueno echoes the importance of social connection.
“If you have a way for people to connect and be able to be engaged, that's actually the cure for isolation and loneliness,” said DeaBueno.
Developers estimate the two-phase project will represent roughly a $58 million investment in the property.
What does "affordable" mean?
A common question surrounding affordable housing developments is how affordability is determined.
Szanton explained eligibility for the apartments will be based on residents’ income levels compared to the area's median income. Most units would be reserved for seniors earning between 40% and 60% of the Area Median Income (AMI).
For example, a single person could make no more than $40,000 a year to qualify. Estimated rent for a one-bedroom unit will be a little more than $1,000.
These income limits are established annually through federal housing guidelines and are used nationwide to determine eligibility for many affordable housing programs.
Funding remains a key hurdle
While developers have spent several years planning the project and working with local partners, construction cannot begin until key financing pieces are secured.
The project relies heavily on low-income housing tax credits awarded through the Colorado Housing and Finance Authority (CHFA).
"Without housing tax credits, this project is not feasible," said Szanton.
Developers are also working with the Colorado Springs Urban Renewal Authority on a potential tax increment financing arrangement to help support construction costs.
Szanton said discussions with local partners have been ongoing for years and developers remain optimistic.
"We identified this site about three years ago," he said. "It's a long, long process."
Improving walkability and access
Some community members have raised questions about how the development could affect traffic and walkability.
Szanton said the project is designed with pedestrian access in mind.
“We’re building more than half a mile of walking paths, we’re planning on also building new sidewalks on Delta Drive,” confirmed Szanton.
The location was also selected for its proximity to the following:
- public transit
- grocery stores
- parks
- a Mountain Metro transit stop
- shopping
- public library
- the Sand Creek Trail
"We're really excited to improve the neighborhood and create better walking connections for our residents and the broader community," said Szanton.
Plus, the Silver Key activity center inside will offer meals, classes, and social programs, making Sugar Bowl Grove a hub for seniors looking to stay healthy and connected.
Blythe urges fellow seniors not to wait.
“Quit waiting," said Blythe. "Apply right now.”
The project is still in the planning phase, and construction depends on securing state housing tax credits and additional financing. If approved, developers hope to begin construction within the next one to two years.
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