Just Ask Bob: What is Happening at Longs Peak and Pace?

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Longs Peak and Pace. (Bob Moler / Longmont Observer)

Correction: A previous version of this article had the title “What is Happening at the corner of Longs Peak and Pace?” The correct corner is Mountain View and Pace. Also, the correct square footage for a one-bedroom is 906sq ft., not 1,906sq ft. 

Dear Just Bob,

What is happening at the corner of Longs Peak and Pace?

– Just Curious

Dear Just Curious,

The answer is that a new affordable housing development called Centennial Park Apartments are being built. This will help address Longmont’s shortage of affordable housing caused by the 2013 St. Vrain River Flood. The apartment complex at 1205 Pace Street is on a 15 acre parcel and will contain 155 units. The site required no zoning changes. It is zoned MR-2 Residential Medium Density, which would allow 181 units; 26 units more than are being built.

According to Highland Property Management Company the rates are as follows:

  • four bedroom, two bath 1,346 square foot apartment rents for $1,032-$1,609/month
  • three bedroom, two bath 1,210 square foot apartment rents for $931-$1,448/month
  • two bedroom, two bath 1,009 square foot apartment rents for $806-$1,253/month
  • two bedroom, two bath 1,018 square foot apartment rents for $806-$1,253/month
  • one bedroom, one bath 906 square foot apartment rents for $668-$1,041/month

Summit Management Group, Inc. is the developer. According to Colorado Housing and Finance Authority (CHFA), “Summit Management Group, Inc. is a Montana corporation and the parent company of two subsidiary corporations that engage in real estate development, Summit Housing Group, Inc. and Highland Property Management, Inc. (HPM).”

Black Hills Construction LLC is the construction company for Centennial Park Apartments. Black Hills Construction LLC was first register with Colorado Secretary of State on 1/15/2016.

The apartments will be ready for occupancy in September 2017.

For additional rental information go to the following link:

https://www.leasehighland.com/apartments/Colorado/Longmont/centennial-park-apartments-2

For additional  information on how Longmont’s shortage of affordable housing caused by the 2013 St. Vrain River Flood was used to finance this development go to page 38 of the following link:

https://www.chfainfo.com/arh/lihtc/LIHC_Documents/Round2_2015_Narratives.pdf 

 

Have questions to ask Bob? Send an email to justbob@longmontobserver.org.