LOVELAND — A Minnesota-based developer seeking to build a 58-unit independent-living complex for seniors in northwest Loveland is seeking variances to a development plan and has scheduled a neighborhood meeting for May 24 to hear questions and concerns.
Real Estate Equities Development LLC, based in Eagan, Minn., wants to erect one of its Village Cooperative complexes on a 3.59-acre tract on the northwest corner of West 43rd Street and North Taft Avenue. The company already has a 52-unit Village Cooperative complex under construction at Horsetooth and Stanford roads in midtown Fort Collins as well as 58-unit developments going through the final permitting processes at Colorado Highway 66 and Alpine Street in northeast Longmont and near 46th Avenue and 25th Street in Greeley.
Member-owned not-for-profit Elevations Credit Union has a new branch in Midtown Fort Collins, featuring business bankers, commercial lenders and more.
The one- and two-bedroom units are for residents age 62 and older.
“All the residents — we call them members — own a share in the cooperative, one share for each dwelling unit,” said Joe Moosbrugger, project manager for Real Estate Equities Development. “After the building is open, they own the building. The vast majority sell their house and use that equity to buy a share, and that gives you a share certificate and exclusive rights to occupy the unit. Then they pay monthly carrying costs for maintenance, upkeep and property taxes.”
According to the Village Cooperative website, the units in the Loveland complex would range in size from approximately 875 square feet to more than 1,500 square feet in a three-story building built over secure underground heated parking. Standard features would include a club room, reading areas, community area, workshop/flex space, guest suite, garden plots and a car-wash bay. The homes would be equipped with all appliances including a private washer and dryer, plus in-home storage, walk-in closets and individually controlled HVAC systems.
The parcel in Loveland is within the Kendall Brook general development plan, and Moosbrugger said the company has filed a formal request to the city for an amendment to the Kendall Brook master plan “that was written 20 years ago or more. They’re currently out of density, so we’re requesting to add density and minor height variances. The current height restriction is 40 feet, and we’re requesting 45 feet, although it’ll probably end up being around 43. We won’t finalize that until we get all the engineering and design completed.”
A general contractor has yet to be selected for the project, Moosbrugger said. Once ground is broken, he said, it generally takes 15 to 16 months to build a Village Cooperative complex. He expects the Fort Collins complex to open by December and is hoping for groundbreakings in midsummer in Longmont and late summer in Greeley.
The meeting will be held beginning at 6 p.m. May 24 in the Emergency Operations Center conference room at the Loveland Development Center, 410 E. Fifth St.
Those seeking more information can contact Moosbrugger at 651-760-8301 or Loveland senior planner Jennifer Hewett-Apperson at 970-962-2557. More information about Village Cooperatives is online at villagecooperative.com.
For prospective residents of the Village Cooperative in Greeley, an informational meeting will be held beginning at 1 p.m. May 23 at Homewood Suites, 2510 46th Ave. in Greeley. An RSVP is requested by calling Michelle at 970-400-7474.
Village Cooperatives also are planned in Lakewood, Centennial and Colorado Springs, The company has complexes open in Iowa, Kansas, Minnesota, Missouri, South Dakota and Wisconsin.