Grand Junction City Council voted unanimously to approve a $1.5 million development incentive for a planned multifamily residential complex near the Grand Junction Regional Airport.
The project, dubbed the Landing on Horizon, includes 168 market rate residential units over 8.3 acres near Printers Way and Hilaria Avenue.
The Landing is being developed by Anthony Properties, of Dallas, Texas. Anthony Properties is the developer behind the Railyard at Rimrock apartment complex, the Slate on 25 residential development and the Picture Show movie theater.
The total estimated cost of the Landing at Horizon project is just over $41 million, according to Community Development Director Tamra Allen.
Land cost is not included in the amount used to calculate the incentives, Allen said. That amount is about $38.9 million.
Those incentives waive 100% of water and sewer fees, 100% of impact fees and open space fees for projects with $36 million-$50 million in private investment.
The project would be required to start construction less than three months after receiving site plan approval by the city, and be done less than 23 months after starting, Allen said.
The Landing at Horizon is the second project to receive funds through the city’s corridor infill incentive. The first is the planned 256-unit apartment complex at the site of the old City Market at First Street and Rood Avenue. That project received a $2.5 million incentive, which was approved the same night that city council approved the corridor infill incentive policy, which incentivizes development in the city center and the Horizon Drive corridor.
The city budgeted about $2.4 million for the incentive in 2023, Allen said, and the Landing project was the only project that met the deadline for applications.
The deadline for 2024 applications is July 15, 2023.
“We feel like there is a significant demand here in the valley,” Anthony Properties representative Brian Shiu said.
Shiu said he wants to get the project started as soon as possible.
Article Source: gjsentinel.com