Breckenridge Alta Verde
UPDATED: 12/13/2023
Project Name: Alta Verde
Project Leader(s): Gorman & Company LLC
Partner(s): Town of Breckenridge
Stage of Completion: Completed
Construction Type: New Construction
Building Type: Multi-family (# of units per building: 25-40 bedrooms per structure; buildings are two stories)
Total Number of Units Targeted: 80
Total Number of Units Completed: 80
Tenant Structure: Renter-occupied
Target Audience:
Low-income residents. The project was designed to support local people who work in Breckenridge and cannot afford to compete with the market rate housing market. Residents must work at least 30 hours per week in the county.
The rent for the new development will be set at 30-60% of the Summit County Average Median Income to ensure affordability for tenants.
Full/Partial Electrification: Full
Existing Heating Fuel Type: N/A
End Uses Electrified: Space heating and cooling, water heating, cooking, clothes drying
Specific electric appliances installed:
Each unit has its own Carrier, cold-climate air-source ducted heat pump system and electric tank water heaters, with backup electric resistance heating as part of the air handler in the heat pump.
Breckenridge is in climate zone 7 at 9,200 ft., which factored into choosing air-source heat pumps.
Total Project Funding:
Total cost: $32 million
$960,000 Community Development Block Grant from the Division of Housing
$650,000 grant from the Colorado Department of Local Affairs Energy Impact Assistance Fund RENEW Program (covered 40% of the cost of solar)
16 non-tax credit units
Low-income housing tax credit
Town of Breckenridge paid for infrastructure, vertical construction was paid for by Gorman
Gap financing to help achieve net zero
Gorman paid for the remaining project costs as owner of the project
Amount or % of Project Cost Covered per unit: N/A
Source of Funding:
Town of Breckenridge 5A Funding, Community Development Block Grant from Division of Housing, CO Department of Local Affairs Energy Impact Assistance Fund RENEW
LIHTCs from CO Housing and Finance Authority
Loans from Vectra Bank and Lument
Motivation for electrification
The primary motivation was to address two primary goals of the Town of Breckenridge – expand affordable workforce housing and cut carbon emissions in half by 2030 and 80% emissions reduction by 2050. Breckenridge officials saw the challenge of providing affordable workforce housing while trying to meet their climate goals. So, they developed their own affordable workforce housing project that could tackle both issues.
An additional long-term goal is to maintain low costs for housing and utilities in Alta Verde. Looking to address utility costs, air quality, and comfortability in the home to make tenants’ quality of life better. The goal was to build healthy workforce homes that are affordable in perpetuity.
Additional Measures Implemented
Solar panels, EV charging, e-bike share hub, transit stop (redesigned fixed route transit to have a stop at Alta Verde), recreation path connects to Alta Verde from the town of Breckenridge, community garden, and a play structure
Workforce Development/Green Jobs Component
Workforce Development/Green Jobs Component: Used this project as a case study to educate homebuilders in the area.
Next steps: Phase II of Alta Verde (fully-electric, net-zero building with a focus on tightening the building envelope above code to optimize the efficiency of using electric resistance heat and doubling the amount of solar to minimize operational costs)
Source: Alta Verde Phase I
Links to additional resources: