New Apartment Developments in Colorado Springs (Denver, Broomfield: real estate, apartment complex, renters)

[Vision67]

More apartments headed to Colorado Springs' busy north side

https://gazette.com/business/more-ap...56f7e285c.html

"A company known for its ties to football as well as residential and commercial development plans a new apartment complex for InterQuest on the north side, an area that’s become one of Colorado Springs’ hottest commercial centers.

The 474-unit Victory Ridge Apartments would be developed as part of the 153-acre Victory Ridge mixed-use project, southeast of InterQuest and Voyager parkways, according to documents submitted to city government planners.

The complex would go up on nearly 17 acres on Victory Ridge’s south side, along Federal Drive and east of Voyager.

A.G. Spanos Cos. of Stockton, Calif., a family-owned developer of apartments, master-planned communities and commercial projects for more than 50 years, plans to build the Victory Ridge complex in two phases.

The initial phase would have 280 apartments spread over five, five-story buildings, the proposal submitted to the city shows.

A second phase would have 194 units in four buildings of the same height. The complex would have a mix of one-, two- and three-bedroom apartments that are expected to rent at market rates.

Each project would have its clubhouse and outdoor pool, among other amenities.

Spanos, which built apartments in Colorado Springs in the 1980s and ’90s and most recently has developed multifamily projects in Denver, Broomfield, Johnstown and Parker, was impressed by the Springs’ quality of life, economy and population growth, development manager Brett Blank said via email.

“All of the above. Really,” he said. “With all of the job growth and significant military and DOD (Department of Defense) presence, Colorado Springs is poised for very long-term growth.”

Spanos also likes Victory Ridge, which is being developed by Westside Investment Partners of suburban Denver and where In-N-Out Burger last month opened its first Colorado Springs restaurant, Blank said.

“Westside has done an amazing job bringing Victory Ridge to life,” he said. “Most obvious is the addition of In-N-Out, which became national news last week, but also all the varied retail, commercial, office and residential. Victory Ridge is truly a walkable community and pairs exceedingly well with the high quality A.G. Spanos homes.”

The upcoming completion of the Northgate interchange on Interstate 25, along with the 2022 scheduled completion of the Gap Project to widen I-25 between Monument and Castle Rock, will make the InterQuest Parkway interchange “very accessible” to Castle Rock and Denver commuters, Blank said.

Spanos aims to start construction next summer and open its first apartments in spring 2022.

While Spanos develops apartments and residential communities, the company name also is well-known in the sports world.

Board chairman and CEO Dean Spanos is chairman and president of the Los Angeles Chargers football team, according to the company’s website. His father, Alex G. Spanos, founded the real estate company in 1960 and purchased the Chargers in 1984. Alex Spanos died in 2018.

The Spanos apartment project would join the ranks of several multifamily projects in the InterQuest area. Others include the 288-unit FalconView apartments, the 280-unit Springs at Allison Valley, the 264-unit Overlook at InterQuest and the 200-unit Volta at Voyager.

As Colorado Springs has grown to the north, the InterQuest area — with the InterQuest and Voyage intersection as its epicenter — has grown with it.

Along with Victory Ridge, other nearby developments include InterQuest Marketplace and InterQuest Commons; the fledgling Town Center at InterQuest is the area’s latest mixed-use project.

The area boasts at least a half-dozen hotels, with two more on the way. Two movie theater complexes, one in InterQuest Marketplace and the other at Victory Ridge, also are part of the area.

In addition to its restaurant, In-N-Out built distribution and production facilities at Victory Ridge and plans offices as part of a regional headquarters. Victory Ridge also will be home to the Springs’ first Slim Chickens restaurant and a Panda Express.

Also, outdoor retailer Scheels All Sports will open a store in March at InterQuest Marketplace, which will be only the North Dakota-based chain’s second in the state."

[coschristi]

As someone who has lived here since 1972, the Interquest area just feels so far away. I am always surprised every time I am up there at how much it has grown with shopping centers. It feels like a different city. Like somewhere that people who are not from here move to, lol.

It also sits almost 1,000 ft higher in elevation than most of the Springs & the views are amazing. I would still prefer to stay "in town"; my dream homes are more in the ONE, Cheyenne Canyon & Manitou areas, although I would LOVE one of those horse properties in Rustic Hills. For apartments I would like a fancy loft on Tejon, lol; that'll never happen.

[LHS79]

Originally Posted by coschristi

As someone who has lived here since 1972, the Interquest area just feels so far away. I am always surprised every time I am up there at how much it has grown with shopping centers. It feels like a different city. Like somewhere that people who are not from here move to, lol.

It also sits almost 1,000 ft higher in elevation than most of the Springs & the views are amazing. I would still prefer to stay "in town"; my dream homes are more in the ONE, Cheyenne Canyon & Manitou areas, although I would LOVE one of those horse properties in Rustic Hills. For apartments I would like a fancy loft on Tejon, lol; that'll never happen.

I felt that way when I bought a couple of houses in Briargate (my main residence and a rental) back in '87.

My friends all thought I was crazy- who wanted to live so far away from everything?

It has worked out ok so far. The houses (3 BR/2 BA and about $67K each new) are worth about $350K each now, both have been paid off for about 10 years and the renters paid for that house.

I will never see this type of appreciation ever again in my lifetime and feel very fortunate I am not shopping for a house now.

[TCHP]

I used to work up on Federal Dr. back in the 90s. If we wanted lunch that wasn't from the company cafe, we had to go all the way down to Chapel Hills. Now the area is very much likes it own city center.

[Vision67]

Sprawl attracts people. Everything in new and clean. People who can afford it go for it.

[mtngigi]

Originally Posted by Vision67

Sprawl attracts people. Everything in new and clean. People who can afford it go for it.

New and clean is boring.

[Mike from back east]

Perhaps, but I grew up in old, dirty, roach infested joints back in West Baltimore....I'm still running....

[TCHP]

For some of us, yup. For many, that's their preference because of lifestyle and housing configuration. Of course you also have the whole online school and business reviews on top of the housing age and you can see why such a large percentage land up north. Think of how many people move to Cos, yet how few ever come on here to solicit advice.

Given housing age and layout, it would be entirely possible to scrape and rebuild in many more central locations, but that takes a fair amount of dedication, time, and money when many want a simple turn-key solution that is move in ready when they are.

[mtngigi]

Originally Posted by Mike from back east

Perhaps, but I grew up in old, dirty, roach infested joints back in West Baltimore....I'm still running....

I didn't mean to imply that slums are a better alternative, only that I've personally always loved older (more well-built IMHO) homes. Places with "character", however you define that. Areas where the trees aren't saplings, houses not cookie-cutter, etc.

I realize older homes can have issues that many don't want to deal with. But it seems a lot of people don't even want to consider homes built in the 70s or 80s ... houses that are still perfectly nice and livable ... and way more affordable. I spent the better part of last year house-hunting with a friend looking to buy, and that's what she was looking at. There were some really nice homes in older established neighborhoods that fit her budget.

[otowi]

Yeah my guess for why people reject the 70s-90s homes is style - watching all those HGTV shows they lament the lack of an open floor plan and granite counter tops, etc. But I think sometimes they're the better way to go - often more affordable, benefits of an established neighborhood like trees and infrastructure, still not a ton of age-related issues, and if quality of construction was going to be an issue it would've already come to light by this point...