7th and Aspen | Affordable Housing Development

Phase 1 & 2 of an affordable housing development in Bozeman called 7^th and Aspen has been approved by the city of Bozeman.

The development is proposed for 3 lots along 7^th Avenue, near the corner of 7^th and West Aspen Street. The location includes the Midtown Tavern Building, a commercial building, a parking lot, and the former location of Aaron’s furniture store.

The developer is utilizing deep incentives from the Affordable Housing Ordinance which will allow them to add additional height to the building as well as make other modifications to elements like block frontage standards, façade standards, and roofline modulation in exchange for providing affordable housing.

The 7^th and Aspen project is expected to include 171 units in total, 96 of those which will be classified as affordable housing. These units will be offered for rent at a maximum rental price of 80% of the Area Median Income (AMI). The developer has chosen to offer the units at varying percentages of AMI. Based on the Area Median Income at the time these documents were submitted (October 2024), the units would be priced as follows:

17 units at 50% AMI

• One bedroom $986
• Two bedroom $1,183
• Three bedroom $1,368

29 units at 60% AMI

• Studio $1,105
• One bedroom $1,184
• Two bedroom $1,420
• Three bedroom $1,641

50 units at 80% AMI

• One bedroom $1,684
• Two bedroom $1,893
• Three bedroom $2,103

Please note that these numbers do not guarantee what the affordable housing units at 7^th and Aspen will rent for. The AMI is likely to change in the time between when these numbers were estimated and when the units are complete.

At this point, the first two phases of the 7^th and Aspen project, which include the 96 affordable housing units within two 4-story apartment buildings on the two southernmost lots, have been approved. Phase 3 of the project could add an approximate 75 units to the development within a 7-story building. The units in phase 3 would be offered at market rate.

A parking lot containing 23 spaces would be shared by the 96 units built in Phases 1 & 2. The developer is anticipating that the residents will have access to future parking provided in Phase 3 of the development.

While the two buildings that will be demolished in Phase 1 & 2 of the development are vacant, the building at the corner of 7^th and Aspen Street is currently operating as an event space called Midtown406. Previously it was home to the Midtown Tavern restaurant, but long-standing Bozemanites will remember it as Ferraro’s, one of Bozeman’s classiest restaurants back in the day.

There are two other proposed affordable housing developments in Midtown. One is directly behind the U-Haul building, Aspen 8 which is proposing 289 units with 40% for those making 60% less than the median income. The other is the North 3rd Apartments which is located near Aspen Crossing. This project is proposed to have 216 units in 7 buildings.

For more information on affordable housing in Bozeman, click here.

Sign up for our Local Info newsletter to stay up to date on development in Bozeman.