Texas company plans second apartment project on Colorado Springs' north side (Denver: low income, real estate)

[Vision67]

https://gazette.com/premium/texas-co...240235b85.html

"Bohannon Development, an El Paso, Texas, real estate company, has proposed a 280-unit apartment complex on nearly 13 acres southeast of Powers Boulevard and Old Ranch Road in Cordera on the far north side, according to documents filed with city planners.

Bohannon has contracted to buy the site from an entity controlled by La Plata Communities, developer of the sprawling Briargate master planned community that includes Cordera, said La Plata president Doug Quimby. The deal is expected to be completed in December, he said.

Ridgeline, as the project would be called, would have one-, two- and three-bedroom units in multiple buildings, along with a clubhouse and pool, documents submitted to city planners show."

"In May, Bohannon paid $3 million to buy 15.4 acres at the Union-and-Lexington site, El Paso County land records show. Bohannon’s latest plans for the site show a 232-unit project, with one-, two- and three-bedroom apartments, according to city documents."

"“The north end of Colorado Springs is very popular right now, and there’s a lot going on up here, all the way from the Cordera side out to The Farm and everything that’s happening on InterQuest Parkway,” Quimby said. “There’s just a lot to do out here, so it’s a very attractive place to live.”

And like Denver and other cities, Colorado Springs’ apartment market has proven attractive to developers.

Young people who don’t want to be tied to a mortgage and empty nesters who prefer maintenance-free living are among groups that have driven the demand, industry experts have said. An improved economy, meanwhile, means more people have jobs and need places to live.

The result: Springs-area apartment vacancy rates have plunged in recent years, while average rents have soared to record highs — topping $1,200 a month in the second quarter, according to the Colorado Division of Housing.

Higher rents and steady demand have triggered a wave of new apartment projects.

“The market’s hot because there’s population growth, because we have a lot of people that want to rent rather than buy,” Quimby said. “ As housing prices increase ... a lot more people are interested in renting. Demand still continues to be very high.”"

[LHS79]

Kinda curious about that Powers Blvd. overpass that is planned at Research with all of this growth-

Do you think the traffic backups that occur daily now at that light will just move south to Powers/Dublin?

I'm sure the new businesses at THAT intersection would gladly welcome an overpass there too (eventually).

[Mike from back east]

I lived near there for 11 years, know that area well. It's across the street from Pine Creek HS and will add to the enrollment at PCHS once the units are occupied. When I lived there and attended zoning board meetings I saw that D20 opposed new developments by crying poor mouth over the cost of adding teachers and building classrooms to host growing student populations.

Article says there is population growth and I'd argue that a bit. As a nation our population is growing very slowly, if at all, since birth rates are below replacement levels. I think it's more correct to say that populations are shifting locations and that COLO SPGS is a net gainer of residents who are leaving somewhere else.

[DrDog]

Originally Posted by Mike from back east

Article says there is population growth and I'd argue that a bit. As a nation our population is growing very slowly, if at all, since birth rates are below replacement levels. I think it's more correct to say that populations are shifting locations and that COLO SPGS is a net gainer of residents who are leaving somewhere else.

Lol. I think you’re both right. More people moving here makes population here grow.

Anyway, those wanting affordable housing and denser housing should be happy.

Btw Mike, when you lived here, what was your opinion of Flying Horse? Seems to be a rather snobby place but I hope I’m wrong.

[Mike from back east]

Originally Posted by DrDog

Lol. I think you’re both right. More people moving here makes population here grow.

Anyway, those wanting affordable housing and denser housing should be happy.

Btw Mike, when you lived here, what was your opinion of Flying Horse? Seems to be a rather snobby place but I hope I’m wrong.

I looked at Flying Horse when first house hunting in 2005 and decided against it as it was farther away from everything and its home prices were jacked up to cover the cost of that golf course and fancy gym/club. Our builder also built homes in FH and the same exact home model was priced $50k higher in FH than where we bought.

I knew a couple from FH, renters in our 'hood, and found them full of themselves; as soon as they could they high-tailed it to FH. Otherwise I've no knowledge if people in FH are snobby but if I had to do it all over I'd still avoid FH and go with Cordera, Wolf Ranch, Pine Creek, or North Fork.

The more they build around Pine Creek HS the more traffic there'll be on Old Ranch which is a road in need of widening since parts of it are just one lane each way at the bottom of the hill. That 2-lane part is in the county which won't fund a widening. The other PITA spot is where Old Ranch and Chapel Hills Drive intersect and when I left 3 years ago there still was no traffic signal there. As usual the woman at the city government who was the traffic signal czar gave us the same old "no money" excuse.

[amattaro]

Flying Horse looks like a middle class person’s idea of what a wealthy neighborhood should be.

[BornintheSprings]

Originally Posted by amattaro

Flying Horse looks like a middle class person’s idea of what a wealthy neighborhood should be.

This! Flying Horse is full of middle class posers. The real elites live on Wood Avenue.

[DrDog]

The reason I asked about Flying Horse is that there is currently a tentative plan to build an apartment complex at the corner of Northgate and 83. I have not been able to determine if it’s low income housing or not. People living in Flying Horse are furious about it. The torches and pitchforks will be out soon. It’s somewhat amusing to see.

[TCHP]

Up through about the 1990s, any development the city approved had to have mixed used layout of single family housing, multi family housing, and retail. The majority of the city east of Union Blvd and south of Woodman was built out this way. In the nearly 30 years since, this has evolved to eliminate the multi family aspect of numerous developments. This is part of the attraction of these newer developments that many seek is the ability to avoid that class of people on a daily basis. No doubt they are going to fire the torches and stack up the pitchforks when someone tries to bring that back to the table. Make it low income housing and they will loose their minds and find any reason to try to deflect the issue, ergo, Broadmoor Bluffs.

[wong21fr]

Originally Posted by DrDog

The reason I asked about Flying Horse is that there is currently a tentative plan to build an apartment complex at the corner of Northgate and 83. I have not been able to determine if it’s low income housing or not. People living in Flying Horse are furious about it. The torches and pitchforks will be out soon. It’s somewhat amusing to see.

It's Colorado Springs- everything there is low income housing. Hell, it's why all the poor ****s are moving down there and then commuting up to Denver.


I kid, I kid.