Investor set to launch affordable housing ‘megafactory’
GRAND JUNCTION, Colo. (KKCO) - New legislation and a new business project in Grand Junction could translate into more attainable and affordable housing.
Grand Junction is just one of thousands of communities caught in crisis as housing prices skyrocket and demand far outpaces availability.
That’s where Ted Steers, the Executive Vice President of Mosaic Housing, comes in. We caught up with him as he explained the vision for what is now nothing but an empty field of dry clay. The field is near Community Hospital and a team of investors believes it could hold the key to affordable housing.
“What attracted me to Grand Junction was the abundance of educated young people being produced by the educational systems that are quite vast in that area,” Steers said.
Mosaic Housing plans to create a modular home factory that will build multi-story multi-family homes.
“When people often consider modular housing as an inferior product, this facility will be held to the highest standard,” Steers said.
We’re told the factory is modeled after others already running in Europe. Steers explained the Grand Junction mega-factory will be able to mass produce preassembled homes through what he described as “innovative machines.” And he vows the quality will be exceptional with code inspections done before the product leaves the factory.
“If we’re building a three, four or five story apartment building, we’re going to use all the code and we’re going to build these apartments to the highest energy efficiency and they’re going to be at the highest quality,” Steers said.
Just last week, Colorado Governor Jared Polis (D) toured the site and signed House Bill 1282. That measure, The Innovative Housing Incentive Program, can award grants to businesses that build certain types of homes. In this case, the law will provide a loan to manufacturers to build a factory.
“We need more housing of course so people can afford to buy homes in Mesa County. But what it also is the newest technology. It’s innovation. It’s modular housing, meaning they’re pre manufactured. They’re absolutely incredible,” said Polis.
Mosaic expects to be able to build a 100-unit apartment building every month. The factory is expected to be 224,000 square feet. That’s almost twice the size of your average Sam’s Club store.
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