1050 Arapahoe Ave, Boulder, CO
Presbyterian Manor is an existing 11-story, 78-unit senior apartment building in the heart of Boulder. The non-profit owner, Boulder Presbyterian Senior Housing Inc., has committed to preserving and renovating this important community asset by converting it to an affordable tax credit property. The Hobart Wagner designed building, built in 1963, is among the tallest buildings in Boulder, and the property’s density could not be replicated today with the city’s strict 55-foot height limit. Element assisted the owner in obtaining federal low-income housing tax credits, private activity bonds, and historic tax credits to perform substantial renovations on the property. The Property is a few blocks from the Pearl Street Mall, Boulder’s main RTD bus station, the Boulder Creek Path, the Boulder Public Library, and the Boulder Adult Services Center and boasts a Walk Score of 89, by far the highest score of any comparable project in Boulder.