Project Tied to Affordable Housing Options related to Planned Expansion of Senior Living Community
Frasier Meadows, a continuing care retirement community located in Boulder, is working collaboratively with Boulder Housing Partners (BHP), the housing authority of the City of Boulder, to purchase land currently owned by Mount Calvary Lutheran Church.
Frasier announced in early 2015 its plans for a campus redevelopment that will include up to 98 new residential living apartments, a center for arts and education, and an expanded fitness and wellness center.
Boulder’s Inclusionary Housing Program requires that 20 percent of new residential development be affordable. To meet this requirement, Frasier Meadows and BHP are agreeing to purchase the 5-acre Mount Calvary parcel, located at 3485 Stanford Court in Boulder, for development of a new affordable apartment community by BHP and Frasier.
“Social responsibility is an important aspect of who we are at Frasier Meadows,” said President and CEO Tim Johnson. “We’re committed to sharing our gifts and providing assistance to the broader community, as well as finding ways to live out that principle of service upon which we were founded.”
“The Frasier Meadows and BHP partnership is an innovative way to provide affordable homes and services to low income local residents,” said Betsey Martens, Executive Director of BHP.
“There is enormous demand for this housing,” she said. “We couldn’t ask for stronger partners than Frasier Meadows and Mount Calvary to help meet the demand.” The Mount Calvary campus is also very close to transit, a grocery store and a library.
Mount Calvary’s congregation approved the sale of their property to Frasier Meadows, in partnership with BHP, on June 12. The three parties anticipate finalizing a purchase and sale agreement by the end of July. A provision of the agreement will allow Mount Calvary the option of staying on in their facility through a lease for 10 to 15 years.
“We were originally founded as a retirement home by the Methodist Church,” said Johnson. “Social responsibility has been a value we’ve prioritized from the very beginning, and that continues to this day.”
Frasier Meadows and BHP look forward to engaging with the local community to create a high quality, sustainable apartment community. Outreach is scheduled to begin in August.
For more information, read the full press release here.
Sign up for our
We do business in accordance with
the Federal Fair Housing Law.