new seven-story apartment complex in denver metro area seen as response to ongoing market demand
Work could begin next year on a new apartment project in the growing city of Lone Tree, some 20 miles to the southeast of downtown Denver.
A booming bedroom community, Lone Tree has seen its population jump from around 4,800 people in the year 2000 to more than 14,600 today and is regarded as the fastest growing suburb in the Denver area.
The new project will belong to the New York-based Coventry Development Corporation, a land-use developer specializing in mixed-used urban communities.
Coventry is the developer of RidgeGate, a 3,500-acre mixed-use master planned community, also in Lone Tree, that has been slowly built out over the last two decades and includes single- family homes, townhomes and upscale apartments.
The company announced earlier this year that it wanted to develop the last parcel of land still available at RidgeGate, placing a particular emphasis on building smaller apartment units at an affordable price.
The new complex will house 240 apartments, as well as two levels of parking.
As envisioned, the complex, to go up at the intersection of Sky Ridge Avenue and Park Meadows Boulevard, will include LED lighting, energy efficient units with balconies, and tree-lined landscaping.
According to city documents, the new complex will also house retail space and a leasing office.
The project has won the approval of the Lone Tree City Council and is expected to be completed by the summer of 2021.
By Garry Boulard
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