UDG Breaks Ground on New Affordable Senior Housing Project

senior housing
Credit: UDG

Ulysses Development Group (UDG) – a Denver-based mission-driven developer and owner of affordable and workforce housing – broke ground on its first Colorado project on Tuesday, June 13 in Castle Rock. The Meadowmark will offer affordable housing options for senior residents looking to stay in or move to Douglas County at a time when housing is at a premium.

The Meadowmark property will provide 200 units for seniors, age 55+ with units set aside at 30 percent, 60 percent and 70 percent area medium income (AMI). With about a 20-month construction period, The Meadowmark is expected to open to residents in the early part of 2025.

UDG Managing Partner Yoni Gruskin kicked off the groundbreaking ceremony by providing context on Colorado’s population growth over the last few decades because it is such a desirable place to live. This has contributed to our state’s affordable housing crisis and shortage of attainable housing. “It’s fitting for us to come here and try to be part of the solution,” said Gruskin. “Our goal here is not just to provide affordable housing opportunities, but also provide these opportunities in desirable and growing communities like right here in Castle Rock and Douglas County.”

Groundbreaking attendees also heard remarks from the following speakers:

“Meadowmark represents the third largest senior affordable community in the Denver Metro area built in the last 10 years and the largest in Douglas County,” said UDG Partner Connor Larr. “The impact that we’ll feel when this property opens I think will be huge. It will allow seniors that have built their lives, families, and careers in Castle Rock giving them a safe, quality and affordable place to live in a town that means a lot to them.”

“As a County Commissioner, I’m honored to join in celebrating a new and exciting development in my district and in my hometown of Castle Rock. With a growing county comes challenges, but we’re excited about innovators like Ulysses Development Group who are taking steps to help bring more housing to our County,” said Douglas County Commissioner George Teal. “Everyone deserves a quality and peaceful place to call home and The Meadowmark provides that for a crucial part of our community…our seniors. We commend Ulysses Development Group for working hard to fill a gap in affordable housing in Douglas County.”

“We know affordable housing issues aren’t solved with a one-size-fits-all approach. It starts at the local level with innovative companies like Ulysses Development Group who bring fresh, new ideas to the table,” said Douglas County Commissioner Lora Thomas. “We’re excited to see how this development will benefit and provide value to senior residents in Douglas County, as they are a critically important part of this and other communities around Colorado.”

“The truth about this project in my view is that it’s going to activate this area, and I cannot wait to see what infills around it,” said Kevin Bracken, mayor pro-tem of the Town of Castle Rock. “It’s going to bring tax dollars to the Town of Castle Rock…I’m proud to have this project in my district.”

“Our mission is to achieve economically thriving communities by preserving, providing, and developing housing choices in Douglas County,” said Maria Ciano, executive director of the Douglas County Housing Partnership. “We are proud to partner with UDG on the Meadowmark project that further addresses the urgent need for income-aligned housing for people who work and live in this area.”

“The senior population is critical to our community’s economic viability, as they are consumers, property owners, renters, business owners, employers and employees. Residents who are age 55 and older make up 12 percent of Castle Rock’s workforce,” said Stacy Garmon, president & CEO of the Castle Rock Chamber. “Castle Rock is growing rapidly, and there is great need in Douglas County for housing that is affordable and geographically attractive for senior workers and potential investors.”

“Our mission at the Castle Rock EDC is to support local job creation and expand the Town of Castle Rock’s tax base. As it stands, our town is growing rapidly, and with that comes growing pains in the form of a lack of affordable housing options, including those for our seniors who are a significant part of our workforce and economy,” said Frank Gray, president & CEO of the Castle Rock Economic Development Council. “Projects like the Meadowmark will benefit Castle Rock and other communities in Douglas County, and we applaud UDG for providing meaningful impacts on housing affordability.”

Related Posts

Scroll to Top