An out-of-state company that develops luxury apartment communities for seniors is eying Colorado Springs' fast-growing northeast side for one of its next projects.
Resort Lifestyle Communities of Lincoln, Neb., is targeting 8 acres southwest of Powers Boulevard and Woodmen Road for a three-story, 130-unit complex, according to a proposal submitted to city planners. The company would develop the property in conjunction with sister company Cameron General Contractors.
The project isn't a done deal; Resort Lifestyle Communities still must purchase the site from Nor'wood Development Group, the Colorado Springs real estate company that's developed surrounding properties. Resort Lifestyle also needs regulatory OKs from city planners.
Resort Lifestyle has 32 apartment communities either completed or planned in 19 states, including projects under construction in Aurora and Littleton, according to its website.
Resort Lifestyle looks for markets where seniors are downsizing or seeking a maintenance-free lifestyle, yet don't want to leave the community where they live, said marketing and sales director Kelly Jo Hinrichs. Also, the company seeks areas that are appealing to seniors who want to move somewhere for retirement, she said. Colorado Springs fits those criteria, she said.
The company develops age-restricted properties - 55 and up - with a host of luxury amenities and services, all of which are included in monthly rents, Hinrichs said. Residents rent by the month and there are no long-term leases or buy-in fees.
Rents haven't been determined for the Colorado Springs community, which will cost $30 million to develop, Hinrichs said. But at the company's Aurora project, monthly rents will start at $2,780 for a studio unit and go as high as $4,600 for a three-bedroom apartment, Hinrichs said.
That might sound steep, especially since third-quarter apartment rents in the Springs averaged just over $1,100. But Resort Lifestyle's rents include utilities, phone, cable TV, Wi-Fi, housekeeping and trash pick-up, Hinrichs said. Amenities include dining room, buffet style or room service meals; a fitness center; a 150-seat theater; and a bank, pharmacy, massage therapist, beautician/barber and a game room.
The community is intended for independent living seniors, although a 24-hour medical alert system also will be available for residents, Hinrichs said. A live-in manager will occupy one of the 130 units; another unit will be set aside as a guest suite.
"RLC studies indicate that seniors are becoming more discriminating regarding available choices in the senior housing markets," according to the company's proposal submitted to the city. "RLC Communities offer the amenities and services that seniors are demanding, and will increasingly demand, as this age demographic grows in the coming years ahead."
The company expects to begin construction in the spring and complete the project in 12 to 18 months.
The Resort Lifestyle site is part of roughly 50 acres that Nor'wood is developing east of its Powers AutoPark.
Resort Lifestyle would join the Estate and Woodmen Ridge apartment complex, a Kum & Go convenience store and a Christian Brothers Automotive store, which have been built on the site. Ent Credit Union also has purchased land west of the Resort Lifestyle site.
Fred Veitch, a Nor'wood vice president, said the Resort Lifestyle project will meet the community's needs. While the project is described as 55 and up, Resort Lifestyle's average age for residents is 75 to 80, he said.
"We're going to see more and more people retire who want to have this kind of opportunity and support, and I think it's a really, nicely done, well thought out project," Veitch said. "It really is a project to take care of seniors who still are mobile and who want to maintain an active lifestyle with great amenities."
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