A new mixed-use development on North 19th Avenue opened its leasing office Monday with rents starting at $2,800 for a studio unit. The project, called Elevate Bozeman, contains 84 units above ground-floor retail space currently marketed as “curated maker studios.”

Developer Todd Haverford of Haverford Partners said the pricing reflects current construction costs and land values. “We’re delivering attainable workforce housing in a prime location,” Haverford said. “At twenty-eight hundred, a household earning the area median income spends about forty percent on rent. That’s the industry standard.”

The area median income for a single person in Gallatin County is $84,000. A studio at Elevate Bozeman requires an annual income of $112,000 to meet the thirty-percent threshold most financial advisors recommend. One-bedroom units start at $3,400.

Jessica Maldonado, a medical technician at Bozeman Health, toured a model unit Saturday. “I make sixty-two thousand a year,” Maldonado said. “My current rent is sixteen hundred with two roommates. I don’t know who this is attainable for, but it’s not me.”

Commercial broker Dale Kipper of Kipper Commercial said the project pencils out for investors. “Cap rates are compressing, and Bozeman rents have disconnected from local wages years ago,” Kipper said. “The money comes from Denver, Salt Lake, Seattle. They’re not looking at median income. They’re looking at yield.”

The leasing office offers a complimentary cold brew bar and a climbing wall in the lobby. Applications require a $75 fee and proof of income three times the monthly rent.