Ulysses Development Group (UDG), the Douglas County Housing Partnership, the State of Colorado, members of the local community, and other partners gathered on September 30 to celebrate the groundbreaking of Ponderosa Pines.
Located at 6010 Pinery Center Blvd in Parker, this 204-unit multifamily community is situated near major workplaces, ensuring employees can afford to live near their places of work. The average cost of rent has risen nearly 22% since the pandemic, creating a large barrier for the workforce to live near places of employment. Ponderosa Pines will be income-restricted to residents earning an average of 60% of the area median income.
Ponderosa Pines will offer amenities such as a pool, fitness center, community clubhouse, and a public park with greenspace and trail access. Units are modern and equipped with washers and dryers and stainless-steel and energy-efficient appliances. Ponderosa Pines will offer one- to four-bedroom apartments to comfortably fit a variety of family sizes.
“Housing affordability is one of the top issues for Coloradans,” said Colorado Senator Lisa Frizell. “The State of Colorado is proud to be a part of ensuring that happens by supporting projects like Ponderosa Pines, which will be home for families across Douglas County.”
“Ponderosa Pines demonstrates what can happen when we turn housing policy, public resources, and strong partnerships into real homes for real families,” said Maria Ciano, executive director of the Douglas County Housing Partnership. “These 204 new homes will expand attainable housing opportunities for Douglas County’s workforce. Through Douglas County Housing Partnership’s role as a conduit bond issuer and special limited partner with the Ulysses Development Group, we are bringing together Low-Income Housing Tax Credits, Proposition 123 resources, recycled private activity bonds, and other public and private investments to transform complex financing tools into quality housing and meaningful community impact. This is building a strategic economic bridge by bringing partners to the table, unlocking resources, removing barriers, and helping move quality housing from vision to reality.”
Ponderosa Pines is financed through a combination of public and private sources.
“Ulysses Development Group and our partners throughout the state have worked for five years to bring this beautiful community to fruition,” said Ahmed Abdelhameed, vice president at UDG. “Standing here today, with all of you who helped make this possible, is truly meaningful, and I can’t wait to be back to welcome residents when it’s complete.”
Ponderosa Pines will be complete in late 2028. Ulysses Development Group recently celebrated the grand reopening of Eagle Villas, a 120-unit community that was preserved from market-rate conversion. Read about how they did it here. UDG’s Harvest Hill is also under construction in Broomfield and is expected to be complete in Q4. UDG also completed The Meadowmark in Castle Rock in 2025.
