SUPERIOR, COLO. — Pennrose has broken ground on Kite Route Crossing, a 50-unit affordable multifamily property for residents age 55 and older in downtown Superior. Slated to open in summer 2027, the asset will be the first income- and rent-restricted residential community in the town.
Kite Route Crossing will offer 44 one-bedroom and six two-bedroom units available at 30 percent to 70 percent of the area median income. Apartments will include modern kitchens with hard-surface counters, Energy Star appliances, luxury vinyl flooring, bedrooms with walk-in closets, storage closets and Juliet balconies in select units. Community amenities will include covered parking and ground-floor amenity space, including onsite property management and maintenance, a community room, an open-concept lobby, activity room, indoor bike storage, pet washing station, package room and a fitness center.
The $26.3 million development is financed by federal and state housing tax credits allocated by the Colorado Housing and Finance Authority and purchased by Hudson Housing Capital and JP Morgan Chase. JP Morgan Chase provided a senior construction loan and Berkadia provided a permanent loan. The Colorado State Division of Housing, Department of Local Affairs, Boulder County, the Town of Superior and the Community Foundation of Boulder County all provided financial support via grants, subordinate loans and fee waivers in support of the project.