Two Residential Projects Planned for Lone Tree
Two new residential projects are planned for Lone Tree at the RTD RidgeGate Station Transit Oriented District (TOD) site, including a market rate apartment complex by Regency Residential and RidgeGate and Lone Tree’s first affordable housing project by Koelbel and Company, which was recently awarded low income housing tax credits from the Colorado Housing Finance Authority (CHFA).
These projects (which are subject to approval by the City of Lone Tree) will kick off higher density mixed use development at the RidgeGate Station TOD. Combined with the previously announced Shea Homes Southwest Residential Village, which consists of approximately 1,900 planned for-sale homes, ranging from condos, flats, and townhomes, to a variety of single family detached homes, RidgeGate will offer a diverse mix of residential housing options at all price points.
“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 Corporation, 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.”
Two different builders are under contract and in the planning and approval stages for these projects. Regency Residential will develop and operate a 540-unit market rate rental apartment complex with numerous amenities and 10,000 square feet of ground floor retail space. Construction is scheduled to start in late 2020 and initial leasing to start in early 2022.
Koelbel and Company plans to build 67 affordable apartments (ranging from 30% to 80% AMI) on the site — 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 will include a fitness center, community room, and onsite leasing and construction is planned to start in early 2021 and Initial Leasing could start in late 2022.
“We are thrilled we have the opportunity be 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.”
RTD commenced light rail operations at the RidgeGate Station in May of 2019. The station includes a 1,300-car parking garage for commuters. The goal for this area is to integrate over 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.
Seth, this is great news. Glad to see it.