out-of-town developer moves forward on 600 apartments in downtown Colorado Springs | Premium
One of the nation’s largest apartment developers has moved forward with two projects that will add more than 600 units to downtown Colorado Springs – completing a site purchase for one, continuing construction of the other and assigning names to each.
A limited liability company formed by South Carolina-based Greystar Real Estate Partners and its equity partner Origin Investments of Chicago, whose LinkedIn page says it builds, buys and lends to multi-family projects in markets fast-growing, paid $ 6.5 million on Sept. 3 for the property southeast of Weber and Cimarron streets, El Paso County land records show.
The approximately 2.3-acre Weber-and-Cimarron site includes two former Salvation Army buildings in block 500 of South Weber and the former Elks Lodge building in block 300 of East Cimarron, according to records. land. The property was acquired from Weber Street Investments, a local investment group.
A proposal Greystar submitted to city government planners last fall shows that the Salvation Army and Elks Lodge buildings will be demolished to make way for a five-story, 282-unit apartment complex.
No demolition work appears to have started at the site yet, but construction crews last week moved a sewer line and shut down Cimarron on the north side of the property while work was in progress.
Greystar and Origin Investments recently announced that the $ 66 million project will be named “Ensley” in honor of Elizabeth Piper Ensley.
A 2020 History Colorado online article described Ensley as an early 20th-century African American educator, activist, and suffragist who moved to Denver in the 1890s. She was posthumously inducted into the Canadian Hall of Fame. Colorado women.
Ensley will offer studios, one and two bedroom units from 480 to 1,298 square feet. Facilities will include a co-working area, fitness center and movement studio, swimming pool, bicycle storage and washing area. A six-storey car park with 325 spaces will be linked to the apartments by three pedestrian bridges.
“The community, which offers a convenience-rich lifestyle in vibrant downtown Colorado Springs as well as easy access to the area’s many outdoor recreation options, is expected to be completed in 2023,” according to a statement from press from Greystar and Origin.
Four story apartment building in Colorado Springs against a trend
The first apartment project in downtown Colorado Springs is underway northeast of Pikes Peak and Wahsatch avenues. This project will cost $ 96.1 million, according to a February press release.
At Pikes Peak and Wahsatch, a U.S. bank building and drive-thru and a building that housed the Pikes Peak Post 4051 Veterans of Foreign Wars were razed to the ground.
In their place, Greystar and Origin launched the construction of a six-storey complex of 321 units and a parking lot with 380 spaces.
Originally called Elan at Pikes Peak, the project will now be known as “Fiona”. The name “will capture the region’s seasonal beauty and vibrant community spirit,” according to Greystar and Origin.
“Fiona,” the companies say in a press release, “is derived from the Scottish Gaelic word for“ vine, ”and reflects the warm, welcoming elegance of the community and the growth that is occurring in Colorado Springs as new industries and new residents are moving to the area. “
Similar to Ensley, Fiona will have a mix of studios, one-bedroom and two-bedroom apartments, ranging from 480 to 1,368 square feet. Its opening is scheduled for mid-2023.
Facilities will include 25,000 square feet of outdoor space in three courtyards, lap pool, spa, fitness yard, grill area, clubhouse, game room, deck suspended, fitness center, dog wash and bicycle store. The resort will also have a 7,500 square foot dog park on an adjacent plot to the north.
Apartments in Ensley and Fiona will be rented at market rates and will start at $ 1,280, according to Greystar and Origin. In the second quarter, Colorado Springs rents averaged nearly $ 1,430 per month, according to a recent report from the University of Denver.
The projects add to an explosion of new apartments, condos and lofts open, under construction or planned in downtown Colorado Springs, which had gone without new housing for decades until about five years ago.
Since then, the city center has seen the opening of more than 400 apartments at 333 ECO, The Mae on Cascade, Blue Dot Place and Casa Mundi.
Two additional projects – Pikes Peak Plaza and the 322 Vermijo Apartments – are under construction and will add approximately 380 units, while a Seattle suburban apartment developer plans more than 1,200 units near a downtown multi-purpose stadium. -ville which opened its doors this year.