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Wheatland Investments seeks $800,000 after site geology raises costs for 121‑unit Floret Hill project
Summary
Wheatland Investments presented Floret Hill, a 121‑unit development at K‑10 and Bob Billings with 1–3 bedroom units targeted 30–60% AMI. Developers reported $4M of unexpected limestone/site costs and asked AHAB for $800,000 to close the gap and proceed to permit submission.
Kelsey Haire and Dave Rhodes of Wheatland Investments presented Floret Hill, a proposed 121‑unit affordable housing development on the southeast corner of K‑10 and Bob Billings.
Haire described the project as 121 units with a mix of one, two and three bedrooms, targeting 30–60% AMI and including community amenities, play areas and a community building. The development received a 4% housing allocation and has committed lenders and investors. The applicant said that during site work the team encountered extensive limestone that increased infrastructure costs by approximately $4 million.
Wheatland said it has covered $3.2 million of that amount but needs an additional $800,000 to move forward; it applied to AHAB for the gap funding. The team said plans are nearly ready for building permit submission and that the site is in a desirable West Side location the city aims to serve with affordable units.
Board members asked about alternatives such as elevating the site; Wheatland said participants evaluated options but the topography made elevation alternatives impractical. Haire said neighbors who reviewed design concepts were supportive.
No vote was taken; the board asked for permit‑readiness documentation and confirmation of other committed funding.
