On March 6, 2023, business leaders and B.O.L.D. 2026 investors from the Arvada Chamber of Commerce attended Arvada City Council to support the approval of a conditional use permit for the Marshall Pointe Apartments. The Chamber recognizes the critical role that housing plays in our local economy and is committed to the education and advocacy required to ensure critical projects such as this are elevated and approved in our community. We are grateful for the leadership and vision of the Arvada City Council who voted unanimously to support the proposal moving forward. The tone has been set that Arvada is committed to increasing our stock of income-aligned housing.
“I appreciate the fact that the Chamber has come here and talked on your behalf. They do represent the businesses in our community,” said Bob Fifer, Councilmember At-Large. “ It’s a collaboration between all of us: the government, the Chamber, the businesses, and the development community to solve a problem.”
“It’s clearly what we need. We do need to have workforce housing in our community; we are woefully short,” said Arvada Mayor Marc Williams. “It’s great to have the Chamber of Commerce engaged on this as part of the B.O.L.D. initiative. You’re following up with not just words but strong support for something we need in our community.”
Learn more about the project and the Chamber’s commitment to housing in the below letter submitted to City Council and read by the Chamber Board of Directors Chairwoman, Vanessa Kendrick.
March 3, 2023
Dear Arvada City Council,
On February 22, 2023, the Arvada Chamber of Commerce Board of Directors reviewed the proposal for Lincoln Avenue Capital to acquire 4.36 acres of land at 5190 Marshall St. and develop an income-aligned housing complex, Marshall Pointe Apartments, which will deliver 260 essential units to Arvada residents with an area median income (AMI) of 60% or less.
The Arvada Chamber has committed to increasing our stock of income-aligned housing through the B.O.L.D. 2026 initiative to ensure that businesses across our community are able to attract and retain the talent they need to meet the needs of Arvada. The Arvada Chamber of Commerce Board of Directors is in STRONG SUPPORT of this project. The supply of local workforce housing, specifically an appropriate quantity at reasonable price, has not kept up with demand. Housing costs in Arvada are higher than the state averages. The 2022 median home price in Arvada was $624,990 while the average income needed to purchase a home is over $140,000 (scenarios vary). Rent for a two-bedroom apartment is 47% higher in Arvada than Colorado average rent. The Marshall Pointe proposal is for a Low Income Housing Tax Credit (LIHTC) community targeting 30% – 60% Area Median Incomes (AMI), representing a 2-person household at $28,140 to a 4-person household with a $70,230 income. Demand for this housing is evident Arvada-wide. Across all of our city’s zip codes and job categories, median annual earnings are below $52,500, according to Lightcast data.
Additionally, as outlined in the City of Arvada comprehensive plan, the Lincoln proposal aligns with criteria designated for Gold Line Corridor Transit Oriented Development (TOD) Influence Areas. Maintaining alignment with the documented plans for Arvada will support a favorable environment for future development. The Chamber Board recognizes that the investment and revitalization of the Marshall corridor will support long-term improvements and opportunities for businesses and residents who live and work in the area.
The Marshall Pointe Apartments have the potential to anchor several hundred essential workers in public and private sector jobs in our community and will lead to improved recruitment and retention for employers across Arvada. We greatly value your thoughtful evaluation of local perspectives and opportunities associated with the Marshall Pointe proposal.
Sincerely,
Vanessa Kendrick, Chairwoman
Arvada Chamber of Commerce Board of Directors
Watch a video recording of the March 6 Arvada City Council meeting here. The Marshall Point public comments begin at 30:19.
Learn more about the Chamber’s work to address workforce housing concerns at arvadachamber.org/bold2026-housing.
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