A Wisconsin real estate company plans to bring a fourth apartment complex to InterQuest on Colorado Springs’ far north side, where multifamily developers are being attracted by a mix of stores, restaurants and hotels that have made the area one of the city’s hottest commercial hubs.
The 264-unit project planned by Continental Properties of suburban Milwaukee would swell the number of apartments in the area to more than 1,100.
The complex would be built on about 15 acres northwest of Federal and New Life drives and east of the Great Wolf Lodge resort and water park, according to documents that company officials submitted to the city’s Land Use Review Division.
The documents also show that Continental envisions the complex as an upscale project that would charge market-rate rents, which averaged nearly $1,150 a month locally during the fourth quarter of last year, according to a Colorado Division of Housing report.
The complex would have 12 residential buildings, a clubhouse, fitness center, pool, pet playground, picnic areas, fire pit, grilling stations and attached and detached garages.
Continental also developed the nearby 280-unit Springs at Allison Valley, one of the three other apartment projects in InterQuest. Others are the 264-unit Overlook at InterQuest, co-developed by Nor’wood Development Group of Colorado Springs, and the 320-unit Volta at Voyager, being built by Bayley Yandell Development of Texas.
Continental also developed the SuperTarget-anchored Briargate Crossing shopping center at Powers and Union boulevards on the city’s far northeast side.
The company sold part of its Briargate Crossing land to Watermark Residential of Indianapolis, which developed the recently opened 244-unit Watermark on Union apartments.
As the Springs has grown north, the InterQuest area east of Interstate 25 and InterQuest Parkway has become home to major employers, hotels, restaurants and movie theaters.
Scheels All Sports, the outdoor equipment and apparel retailer, plans a store in the area; InterQuest also will be home to In-N-Out Burger’s first Colorado restaurant, along with the chain’s patty production and distribution facilities.
InterQuest’s access off I-25, along with other major roads running through the area, also make it accessible from Denver, Pueblo and throughout the Springs.
Continental officials didn’t return calls Tuesday, and a timetable for the project isn’t known.
But the apartment complex, to be called the Springs at Foothill Farms, has received a green light from city officials, and Continental can proceed with development, said Daniel Sexton, a senior planner with the city. Continental hasn’t yet purchased the property, El Paso County land records show.
“There’s a lot of interest for multifamily (in InterQuest),” Sexton said. “A lot of it has to do with both the demand from southern Denver as well as a lot of the economic development that is coming down the pipe in this area.”