A Spokane, Wash., real estate company that’s developed four apartment projects in Colorado Springs now plans a fifth on the fast-growing northeast side — a 182-unit complex whose residences would be set aside as workforce housing.
The Inland Group has submitted a proposal to city planners that calls for development of the Copper Rose Apartments on a vacant 7-acre parcel north of Stetson Hills Boulevard and sandwiched between Powers and Tutt boulevards.
The site is north of the King Soopers-anchored Ridgeview Marketplace shopping center and immediately south of The Traditions, a 180-unit apartment project also developed by the Inland Group that caters to low-income seniors, according to the company’s proposal submitted to the city.
In addition to The Traditions, Inland Group built the 216-unit Copper Creek Apartments on the south side; the 150-unit Affinity at Colorado Springs, an active-adult community on the northeast side; and the 240-unit Copper Range Apartments in far northeast Colorado Springs.
An Inland Group official declined to comment Thursday about the company’s latest project, saying it was premature to discuss it.
The Copper Rose Apartments on North Powers would be funded, in part, with state-issued Low Income Housing Tax Credits and its occupancy would be income restricted to provide workforce housing, the Inland Group proposal shows.
Workforce housing typically refers to residences whose rents are set at below market rates to accommodate teachers, police officers, restaurant workers and other wage earners who can’t necessarily afford pricier apartments. In the first quarter, Colorado Springs apartment rents averaged nearly $1,334 a month, a recent report shows.
The Copper Rose project would be developed with six, four-story buildings and a mix of 56 one-bedroom, 72 two-bedroom, 38 three-bedroom and 16 four-bedroom units, the Inland Group proposal shows.
“The community will be geared toward families, hence the larger proportion of three- and four-bedroom units than is usual for an apartment development,” according to the company.
Project amenities would include a clubhouse and pool, a fenced play area, open space and a dog park, the proposal shows.
A timetable for the project wasn’t available; Inland Group is seeking approval of a conditional use permit from the city to allow apartments in an area zoned for commercial uses.
The proposed apartment site along North Powers is part of a busy and rapidly growing area in northeast Colorado Springs.
Over the last 30 years, Powers, between Platte Avenue on the south and Woodmen Road on the north, has become a thriving commercial corridor that’s home to shopping centers, groceries, big-box department stores, restaurants, smaller retailers, apartments, medical facilities and, increasingly, several hotels.
Those commercial uses serve thousands of homes that have been built on the east and west sides of Powers, along with residential areas developed to the north in Briargate and Wolf Ranch.
Powers also attracts shoppers, restaurant goers and the like from the Banning Lewis Ranch development to the east and subdivisions in unincorporated Falcon just outside Colorado Springs.