The development company that owns the Monument Marketplace is getting ready to break ground on a 177-unit luxury apartment complex north of the Monument Marketplace on the east side of Jackson Creek Parkway.
Vision Development secured financing this week to build eight, $2.5 million apartment buildings, a club house, mail kiosk and garages.
The first units are expected to be completed in the spring of 2012.
The apartments, called the Vistas at Jackson Creek, will be class-A one-, two- and three-bedroom units, said Chris Phelan, a project manager for Colorado Structures, which built the Monument Marketplace and will build the apartments.
The 85-acre Monument Marketplace retail development is anchored by a Super Wal-Mart, The Home Depot and Kohl’s.
“The situation there is good,” said Mark Useman with Sierra Commercial Real Estate, which represents Vision Development in leasing the retail space. “It’s well leased. We have very low vacancy.”
Useman said there is only one vacant storefront of just more than 1,200 square feet and that most of the shopping center is built out. There is just one phase remaining to be built. Useman said that phase would likely include box stores with lower-end retailers like Ross Dress for Less and would go in just across from the planned apartment development.
“There just hasn’t been a market for those kinds of stores in the last few years,” Useman said.
But the development is one of the largest mixed-use residential and commercial centers in El Paso County, Useman said.
Phelan said the apartments were always part of the master plan for the Marketplace.
“They’re just now getting the planning and developing underway,” Phelan said.
He’s been working on the apartment project for more than three years, he said. The timing is right now because apartment vacancies are low and there is little new apartment construction in the area. There are especially few apartment complexes in Monument.
The town’s population in 2011 is estimated to be 3,877, almost a 97-percent increase over the town’s population in 2000, according to the U.S. Census Bureau.
Many units will feature views of the Front Range and the Air Force Academy, as well as fireplaces and vaulted ceilings on the top level of the 3-story apartment buildings. The clubhouse will include an outdoor pool and hot tub, indoor and outdoor cooking areas, an indoor dog wash and grooming center, a park with playground, a complete fitness center and an internet café.