Developer tweaks plans for Ice House Lofts project in Greeley

GREELEY —  The developer of the Ice House Lofts in Greeley has made a few minor changes to the project’s plan, adding a few units that will raise the cost of the project and cause a slight bump in previously estimated rental rates.

The number of units being proposed has increased from 58 to 61, and the cost of the project has gone up from $11 million to $13 million, according to documents submitted to the city by developer Gary Hassenflu, managing member of MW Development Enterprises LLC based in Kansas City, Mo.

Hassenflu expects construction to begin in June and be completed 12 months later.

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The Ice House Lofts is a market-rate multifamily, rental development at 517 12th St., converting an historic building that at one time housed Greeley Ice and Storage. Plans call for 20 units in the historic building and constructing a three-story building to house 41 units. The historic building currently houses a car-restoration operation and storage facility.

Rental rates have increased from previous estimates, from $1,050 to $1,150 for a one-bedroom apartment, from $1,350 to $1,500 for a two-bedroom, and from $1,550 to $1,700 for a three-bedroom unit, according to new documents.

The apartment occupancy rate in Greeley is at 98 percent, according to the city, which is supportive of the development and has been allowing the use of its downtown development standards to relax typical parking, stormwater detention, green space and setback requirements to make the project feasible.

The developer has applied for a state historic tax credit of $978,000 that would be used for the project. Other funding will come from the owner and a permanent/construction loan from the investor/lender. The city will reimburse a portion of eligible incremental property taxes based on the value of the infrastructure completed.

Amenities include a fitness room, tenant storage, community green areas and garden, playground, picnic and barbecue area, surface parking, a community room, and in-unit washer/dryers. Additionally, all units will have high-end appliances, 9-foot high ceilings — higher in units in the historic building portion, granite countertops, ceiling fans, and central heat/air conditioning.

The project is being designed by E + A Architecture of St. Louis, and it will be constructed by a joint venture between a local general contractor and Building Project Solutions of Elkhorn, Neb.