Affordable Living in the Rockies: Modular Apartments Lead the Way

There’s a point in a good Colorado vacation when you might think to yourself, “I could live here.”  It’s easy to fantasize about world-class skiing, white water rafting and breathtaking hikes in your backyard, but the reality of moving to the mountains is different than it may seem.   

Consider the town of Buena Vista, served by Tri-State member Sangre de Cristo Electric Association. Nestled along the Arkansas River, this destination has a full-time population of less than 3,000 but millions of tourists pass through annually.   

That tourism is a huge part of the local economy, but it’s also the reason why home prices increased 18% last year, over twice the average increase compared to the rest of the state. With out-of-town buyers looking for second homes or those trying to create short-term rentals, the local workforce is being priced out.    

An Affordable Housing Solution in Buena Vista 

To address the housing shortages, the Town of Buena Vista and local building manufacturer Fading West recently broke ground on the Midland Apartments; a 60-unit, income-restricted building that will provide much-needed affordable housing in the area. Also known as the Carbonate Street project, the groundbreaking took place on April 1, 2024, but the process of securing land and funding started almost a decade before.   

In 2015, the Town made a deal with the school district where they acquired the baseball fields as the site of the future development. After years of planning and applying for grants, combined with a slowdown from the pandemic, the project picked back up when Fading West joined as a partner.   

“At that time, in December 2021/January 2022, the town essentially had a mandate,” said Special Projects Manager Joseph Teipel. “We want to build housing and childcare here, but we had, one — no money, and two — no formal structure or partners with which to do that.”  

Enter: Fading West.   

Recognized as one of Time Magazine’s 100 Most Influential Companies, Fading West was founded with the mission of ensuring homeownership did not fade away for the people working in the mountain towns of Colorado and across the Western United States. In their factory, they prebuild homes, reducing costs by as much as 20%, while also building 50% faster than traditional construction models.  

Game-Changing Amenities  

The benefits of modular construction are far-reaching, speeding up a building’s timeline and improving the bottom line while also resulting in a higher-quality product. Future residents of the Midland Apartments can expect in-unit washer and dryers, quartz countertops, bike storage, community grills with landscaped outdoor spaces, and a variety of energy efficient appliances and systems.  

Another key feature of this development will be a 4,600 sq. ft. early childcare center. Not only does this create jobs in the community, but it’s a huge help for working parents to have safe, affordable, and nearby childcare available to them. Colorado’s overall childcare costs are the fifth highest in the country and double or even triple the cost of surrounding states.   

The Power of Energy Efficiency  

As a part of the previously mentioned electrification effort, Tri-State was proud to contribute $218,600 in rebates. The Midland Apartments will now have superior insulation levels and solar EV charging capabilities. There will also be high-efficiency Mitsubishi mini-split systems installed in every unit.  

Gary Kelly, CEO of SDCEA, emphasized the value of these advancements: “We are excited to contribute to this vital initiative, which assists in the efforts to provide accessible housing and childcare services in the community. The collaboration with Tri-State ensures cost-effective, low emissions, and efficient heating system, setting a benchmark for future developments.”  

Through our rebate initiatives and programs like On-Bill Repayment, we hope to bring the benefits of electrification to as many people as possible.  

Learn more about various rebates and energy-efficiency programs available for residential, commercial new construction and existing buildings by visiting https://tristate.coop/electrify-and-save. 

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About Tri-State

Tri-State is a power supply cooperative, operating on a not-for-profit basis, serving electric distribution cooperatives and public power district member-owners in four states. Together with our members, we deliver reliable, affordable and responsible power to more than a million electricity consumers across nearly 200,000 square miles of the West. Visit www.tristate.coop.