A California real estate company that is developing communities for adults 55 and older is planning 160 apartments in Colorado Springs, where it says demographics and growth patterns favor the project.
Newport Beach’s Avenida Partners would build an approximately 6-acre four-story apartment building along Grand Cordera Parkway, midway between Briargate and Research Parkways in the far northeast of Springs, according to a proposal that the company submitted to the city government. planners.
Avenida has 10 projects it has built or is under construction across the country, including one open in Lakewood and another upcoming in Loveland, according to its website.
National apartment developer plans third project in downtown Colorado Springs
The company is looking for markets that would support projects designed for active seniors, said Matt May, vice president of Avenida. Colorado Springs has a general population of active seniors, strong population growth driven by people moving to cities, and healthy household incomes, he said.
“We are looking at these markets across the country and looking for a convergence of demographics on the spot, immigration, as well as fairly high incomes in the region,” he said.
“When you look at the demographics in place in Colorado Springs and link that to the immigration that comes not only from Colorado but from out of state as well, there is a significant amount of unmet demand from the country. share of the elderly population, ”May said.
Some people moving to the city are so-called baby hunters – parents who want to be closer to their children and grandchildren, May said.
Downtown Colorado Springs project would add expensive restaurants and condos to North Tejon
If they can’t afford independent or assisted living, aren’t ready for medical assistance, and don’t want to own a house with a lawn to mow and other maintenance, “we give them the opportunity to ‘live there locally in a highly, luxurious building,’ said May.
As proposed, the Avenida project would be reserved for adults aged 55 and over.
The project would include 104 one-bedroom units and 56 two-bedroom units, according to Avenida’s proposal to the city. Apartments would have full kitchens, washers and dryers, storage closets, patios or balconies and dens in some units.
Developer plans 251 apartments on the northwest side of Colorado Springs
The apartments would be rented at market rates and would range from $ 1,700 to $ 2,400 per month, May said.
Interior amenities suitable for active seniors would include a pavilion, boutique hotel-style lobby, bistro, fitness and yoga studios, private dining room, creative arts studio, games, flexible meeting space and library corner.
A large large room would have a sitting area and gathering space, a fireplace with sitting areas for conversation, a big screen TV, and dining tables and chairs. The room could be used for catering and holiday events, Sunday brunch, and group gatherings, such as book clubs and card games.
Colorado Springs Apartment Rents Soar To Over $ 1,400 Per Month On Average
Outdoor amenities would include two large recreational courtyards, outdoor grills, a swimming pool, walking paths, lounges and gardens for residents.
In the best-case scenario, Avenida hopes to begin construction in the second quarter of 2022 and open the project in the fourth quarter of 2023, May said.
“We are very active across the country, we are very specific in the markets that we are targeting,” he said. “We like Denver a lot, plus or minus an hour in any direction, a lot.… The economy is great, unemployment is low. Lots of people are moving there from out of state. And not necessarily even necessarily. older people, but also people in their 20s, 30s and 40s. “