BOULDER — Golden West Communities, an independent and assisted-living senior housing complex in Boulder, has embarked on a $19.2 million renovation of 310 apartment units.
The renovation project at 1055 Adams Circle will be financed with 4% federal tax credits, a Colorado Housing and Finance Authority loan, Enterprise Community Equity Investor (JP Morgan Chase) and Golden West Communities Inc. owner equity. Golden West is a nonprofit, first organized in 1963 as First Christian Manor Inc.
John McCarthy, Golden West executive director, has been working on the project for much of the past five years.
“We’re very excited about the upgrades,” McCarthy said in a written statement. “First, we completed less obvious improvements such as energy-saving windows, building weatherization and new elevators. Now we’ll get to enjoy many of the aesthetic upgrades, new fixtures and features, such as wall treatments, carpeting, paint and furnishings. While the renovation process may be a bit disruptive for all of us, the result will be worth it.”
The original buildings were built in 1965, 1973 and 1987, and have not been substantially renovated since their original construction. Golden West serves more low-income seniors in Boulder than any other local senior community, and many residents are longtime locals who are still active in the Boulder community.
“Our goal with this renovation is to maintain the mission and legacy of Golden West and provide affordable housing for seniors for another 50 years in a community that is unaffordable for many,” McCarthy said.
The project is expected to be completed in 2021. OZ Architecture Inc. is the project architect, and Palace Construction Co. Inc. is the project’s general contractor. Golden West Communities relied on Medici Construction Management Inc. and MGL Partners LLC for financial and development consulting.
© 2020 BizWest Media LLC