Affordable Mixed-Use

660 Sherman St - Ridgway, CO
Community Fit
HTOC conducted extensive community outreach to determine the best use for this site based on increasing need for affordable housing and identified commercial and community services needs.
The project is being conceived as a 3-story mixed-use development, featuring 16 affordable rentals, a childcare facility, an office for the Home Trust, a mental health office, a child therapy office, and commercial space for local businesses.
Thanks to a technical assistance grant from the Colorado Housing and Finance Authority, we have completed conceptual plans, a county-wide rental survey, and preliminary financial modeling.
SHERMAN STREET
COMMUNITY
BUILDING
80 - 120%
Approx. 35
$8,938,896
Pending Capitol Sources
- Low Interest Loan - $6,700,000
- Private/Owner Equity - $400,000
Secured Funding
- Department of Local Affairs Operation Turnkey Acquisition Loan $360,000
- Ouray County $100,000
- Colorado Housing and Finance Authority Technical Assistance Award $25,000
- Seller of the property provided a discounted sales price.
Funding Need
- $400,000 for pre-development work including securing a design team to create construction documents. This is necessary to leverage additional funding and meet timelines to keep the project on schedule.
Cost
- $418/sq ft
State Partners
- Colorado Housing and Finance Authority
- Department of Local Affairs (DOLA)
Local Partners
- Town of Ridgway
- Ouray County
Units
-
16 affordable rentals within a 3-story mixed-use development on a .33 acre property zoned historic business/mixed use. 2 levels of residential units over a ground level of residential, office, and daycare.
- Nine 1BD and seven 2BD
- 609 - 896 Sq Ft per unit
- Office Space 2,532 Sq Ft
- Daycare - Indoor 1,540 Sq Ft
- Daycare - Outdoor 2,256 Sq Ft
-
Timeline
- As soon as funds obtained, begin design early 2026 (project completion goal by 2028)

