Daily Camera (Boulder)

Golden West be­gins $19M ren­o­va­tion

- By Ken Amundson Business · Financial Regulation · World Finances · Finance · Golden · Boulder · Colorado · JPMorgan Chase · House of Medici · J.P. Morgan & Co.

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.

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