Nor’Wood to build Fountain apartments

Filed under: construction,Daily News,Real Estate | Tags:, ,

Nor’Wood Development Group will break ground on a 240-unit apartment development in Fountain on Monday.

The $30 million project, named the Mesa Ridge Apartments, will include 84 one-bedroom units on two floor plans, 132 two-bedroom units on three floor plans and 24, three-bedroom units. It’s located a mere two miles from Fort Carson’s Gate 20, making it prime real estate for soldiers.

“It’s a really attractive project,” said Nor’Wood’s Fred Veitch. “The buildings have a lot of articulated shapes and a lot of vertical and horizontal movement.”

The 3,750-square-foot club house will feature a gaming and theater room, business center, social room, chef’s kitchen and fitness center. The community will also have an outdoor pool, covered porches and grills.

The color scheme for the complex will blend three primary colors, according to an information sheet about the project.

“It’s going to read more like a village than apartments,” Veitch said.

The development group closed on its HUD financing on Thursday, Oct. 6, Veitch said. He expects the club house and first apartment buildings to be finished in about 12 months and ready for new tenants.

“There’s not been any new development in that whole area for years,” Veitch said. “We really expect it to be well-received.”

Griffis Blessing will manage the apartments.

While these are the first new units in Fountain since 2004, there are two new apartment developments underway to the north. The Peaks at Woodmen is a 230-unit luxury complex at the corner of Woodmen Road and Union Boulevard. The Vistas at Jackson Creek is a 177-unit luxury complex in Monument.

Recent drops in apartment vacancies from sustained rates in the double digits throughout most of the last decade have caused slow increases in rent rates that justify new apartment construction, according to industry analysts.

Foreclosures and a tight lending market have made it hard for would-be homebuyers to get into single-family houses. The depressed housing market also has would-be buyers sitting back and waiting for improved conditions, afraid to make their move, industry analysts have said.

Those factors, combined with returning troops and a growing population are behind the influx of renters leading to a market that will support new development.