Lone Tree’s First Affordable Housing Project Breaks Ground
On Tuesday May 25, Koelbel and Company, Coventry Development Corporation, the City of Lone Tree, and the Colorado Housing and Finance Authority celebrated the groundbreaking of the first affordable housing project in Lone Tree.
Koelbel & Company recently received a highly competitive CHFA financing award for the project, which will be located right at the RTD RidgeGate Station and will welcome residents in 2022.
Koelbel and Company plans to build 67 affordable apartments on the site (ranging from 30% to 80% AMI)—a project that is strongly supported by the City of Lone Tree. and will be the first of several similar projects in RidgeGate that will help achieve their 350 Affordable Housing Unit commitment on the East Side of I-25. Project amenities include a fitness center, community room, and onsite leasing.
Mayor of Lone Tree, Jackie Millet attended the event along with Carl Koelbel, chief operating officer of Koelbel and Company; Luke Cannon, director of commercial development, Koelbel and Company; and Keith Simon, executive vice president and director of development for Coventry Development Corporation, the master developer for RidgeGate.
“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 Company. “RidgeGate is an ideal community for residents to enjoy tremendous parks and open space, employment opportunities and retail amenities at an affordable price.”