The Ascent at the Salt Flats

The Ascent at the Salt Flats, a new144-unit affordable rental housing community designed for individuals and families across a range of incomes is being planned as part of the Salt Flats Project. Located within the 21.78-acre Salt Flats Master Plan, the project will provide a diverse mix of studios through four-bedroom units serving households between 30%–70% of Area Median Income (AMI), with a community average of 58% AMI. See "Affordability at the Salt Flats" for more details on maximum rents, restrictions on income, etc.

Who are the Partners?

Brikwell: Brikwell is a Colorado-based real estate development company specializing in affordable, workforce, and market-rate housing. With a focus on creating mixed-income communities, Brikwell brings expertise in planning, financing, and delivering high-quality housing projects that balance affordability with long-term sustainability. The firm has experience navigating state and federal housing programs, including Low-Income Housing Tax Credits (LIHTC) and Private Activity Bonds (PAB), and works closely with public and nonprofit partners to maximize resources and deliver attainable housing solutions. Brikwell will maintain ownership and management of the Ascent.To learn more, visit the "Meet the Development Team: Brikwell" page or visit their website at: https://brikwell.com/

What will it include?

• Unit Mix: 44 studios, 44 one-bedrooms, 20 two-bedrooms, 24 three-bedrooms, and 12 four-bedrooms.
• Entry Level:44 units (31%) studio units to provide an entry point for individuals and small families looking to establish their household. There are currently zero affordable studio housing units in Grand Junction as 82% of the current affordable housing is one- and two- bedroom.

• Larger Family Housing: 36 units (25%) are three- and four-bedroom to accommodate larger
  families, addressing a growing, unmet need in affordable housing. Only 18% of affordable housing units
  in Grand Junction are three- and four- bedroom.
  Focus on Gaps: Adds the community’s first affordable studios (31% of units) and a strong share of three- and four-bedrooms (25%), directly addressing unmet needs in Grand Junction’s affordable housing supply.
  
  

• Early Childhood Education Center: A 3,100 SF on-site center with an adjacent 5,000 SF playground, developed in partnership with Wildflower Montessori and supported by United Way Mesa County, serving up to 60 children.

How Is it Being Financed?

The project is funded through a combination of state and federal affordable housing programs along with private investment. The development team will utilize 4% and 9% Federal and State Low-Income Housing Tax Credits (LIHTC), a non-competitive tax credit program administered by the Colorado Housing and Finance Authority (CHFA). LIHTC is one of the most important tools for creating affordable housing, as it provides tax incentives that lower development costs and allow rents to remain affordable for low- and moderate-income households.

To pair with the tax credits, the City of Grand Junction and Mesa County are contributing their Private Activity Bond (PAB) allocations to the Salt Flats. PABs are federally authorized tax-exempt bonds issued by state and local governments for qualified projects, including affordable housing. In housing developments, PABs are particularly significant because they unlock access to 4% LIHTC, making it possible to finance large-scale rental projects that otherwise would not pencil out. By committing local PAB allocations, the City and County are directly enabling the Salt Flats project to move forward with hundreds of affordable units that meet critical community needs.

In addition, the project benefits from its location in a Qualified Census Tract (QCT), increasing competitiveness for certain funding resources, and has applied for the City’s Affordable Housing Incentive Program, which provides municipal fee waivers in exchange for long-term affordability deed restrictions.

Next Steps

The project is zoned by right for multifamily apartments and already has PAB allocations totaling ~$18.7M, covering 43.7% of eligible basis for tax credits.

Brikwell is currently awaiting award notifications for the 4% & 9% State’s LIHTC funding. If funding is awarded, the project anticipates breaking ground/construction is anticipated to begin in Q2 2026, with completion expected by Q4 2027.

Future Phase

As part of the 99-year lease, Brikwell has also committed to building a second housing community on the site within the next seven years. This future phase, located on the southeast corner of the Ascent Site, is expected to include approximately 120 additional apartments for households earning between 60-90% AMI, yet to be determined.

The exact population to be served and construction timeline will be determined based on community needs at the time of development. Funding is anticipated to come through the Proposition 123 Concessionary Debt or Equity programs, but will be finalized based on funding availability as the development approaches.

Why it Matters

Ascent at the Salt Flats will expand affordable housing options in Grand Junction by providing high-quality, energy-efficient apartments and on-site services in a walkable, transit-connected community. By prioritizing both small households and large families, and by integrating supportive amenities like early childhood education, the project advances the City’s housing goals and sets the stage for a more equitable, inclusive Salt Flats neighborhood.