Housing Authority may develop project on donated McWhinney land

LOVELAND — The Loveland Housing Authority hopes to develop 84 affordable apartment units a half-mile south of U.S. Highway 34, at the tip of a planned future extension of Sculptor Drive.

The site is adjacent to The Greens at Van de Water, a 252-unit apartment complex owned by McWhinney Real Estate Services Inc. and managed by Inland Real Estate Group LLC near Chicago.

According to a press statement, Housing Authority Executive Director Jeff Feneis said McWhinney wants to give the quasi-governmental nonprofit group the 4.4 acres of land. Feneis plans up to a year of due diligence to see if a project is feasible.

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A realistic timeframe for delivering units is four to five years, Feneis said. LHA has other projects ahead of it, including one that recently started work. It’s a partnership with Habitat for Humanity, Grace Community Church and private donors for 47 homes and 120 apartments, with the first lots expected in March.

This latest effort bears an internal working title of Van de Water and could include a community center, tot lot, a garden and access to local and regional trails for renters earning less than 80% of Area Median Income.

Feneis said this would be rents from $540 to $1,500 per month for one- to three-bedroom units. He said in five years Loveland home prices are up by one-third and average market rate rent is $1,600.

Businesses in the area include Golden Corral Buffet and Grill and Kohl’s department store. The parcel is a tiny triangle of land too small for commercial developers, he said.

“The housing authority can use land others can’t,” he said. “Our sweet spot is 60 to 72 units.”

Most people LHA works with are making 30% to 60% of AMI, he said.

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