Apt. projects set to sprout at RidgeGate

Regency Residential will develop and operate the 540-unit RidgeGate Station Apartments.

A pair of planned residential communities are bringing higher-density, mixed-use development to the master-planned RidgeGate development.

Located on the east side of Interstate 25 at the RidgeGate Station transit-oriented development in Lone Tree, the projects include a market-rate apartment complex developed by Regency Residential and Lone Tree’s first affordable housing project, developed by Koelbel and Co.

“We believe that by starting development on RidgeGate’s east side with a wide range of rental and ownership residential options, it will respond to the strong demand for residential, enhance the opportunity to attract an anchor employer for the east side and appeal to a wide range of future residents,” said Keith Simon, executive vice president and director of development for Coventry Development Corp., the master developer for RidgeGate.

“We are working with some of the best local and national builders to bring to market a wide range of high-quality residential units that will create a vibrant and diverse environment in the heart of this growing community.”

Regency Residential and Koelbel and Co. are under contract and in the planning and approval stages for the projects. Regency Residential will develop and operate the 540-unit RidgeGate Station Apartments. The community, designed by EVstudio and Consilium Design, and built by Shaw Construction, also will include 10,000 square feet of ground-level retail space.

The two-phased project, at the Regional Transportation District’s RidgeGate Station, between Havana Street and Interstate 25, is slated for a construction start late this year with initial leasing to start in early 2022.

The community will feature a wide range of apartment sizes. RidgeGate Station Apartments also will include secured parking; a swimming pool with spas; pool clubhouse; great lawn with fire pit; picnic areas; barbecue grills; two rooftop decks; two-story athletic center; bike storage and repair center; pet grooming station; library/office center; Luxer packaging system; and a coffee shop/deli directly adjacent to the RidgeGate Station light-rail stop. Koelbel and Co. plans a 67-unit affordable apartment community – the first of several affordable projects in RidgeGate that will help the community achieve its 350-unit affordable housing commitment on the east side of I-25.

Bryant Flink Architecture is designing the RidgeGate Station Affordable Apartments, which is geared to individuals earning 30 to 80% area median income.

Koelbel and Co. recently was awarded low-income housing tax credits from the Colorado Housing Finance Authority for the project.

RidgeGate Station Affordable Apartments includes a community room, fitness center, onsite leasing, outdoor barbecue, fire pit and kids play area. One Neighborhood EcoPass per unit is included.

Construction is planned to start in early 2021 and initial leasing could start in late 2022.

“We are thrilled we have the opportunity to bring to market much-needed affordable housing opportunities to residents in this high-need area of Lone Tree,” said Carl Koelbel, chief operating officer of Koelbel and Co. “RidgeGate is an ideal community for residents to enjoy tremendous parks and open space, employment opportunities and retail amenities at an affordable price.”

The projects will join the previously announced Shea Homes Southwest Residential Village. Shea’s planned project comprises approximately 1,900 for-sale homes, ranging from condominiums, flats and townhomes to a variety of single-family, detached homes.

RTD commenced light-rail operations at the RidgeGate Station in May 2019. The station includes a 1,300-car parking garage for commuters. The area is designed to integrate more than 700 residential units along with retail and other commercial uses such as hotels, office and entertainment/restaurants. This district also fronts along the Lone Tree Regional Park, which is expected to begin construction in the coming years.

RidgeGate is nearly fully developed on the west side of I-25 and is expanding to the east side of the interstate, encompassing a total of 3,500 acres.

Featured in CREJ’s June 3-16, 2020, issue

Jennifer Hayes has been an editor with the CREJ since 2000. Jennifer covers multifamily and industrial news in the Denver metro area plus all property types in Colorado Springs, Southern Colorado, mountain towns and the Western Slope. She also handles High Fives news for the paper and is editor of the Health Care & Senior…