A Texas company that develops, builds and manages apartment complexes in several Western and Southwestern states has proposed a 256-unit project on Colorado Springs’ north side.
El Paso-based Bohannon Development Corp. has targeted a 16.4-acre site along Union Boulevard, just north of Lexington Drive, for its project, according to a proposal the company’s representatives submitted recently to city planners.
The company is seeking approval of a development plan that spells out project details; the complex would have studio, one-, two- and three-bedroom units spread over 11 buildings of two and three stories, the proposal shows. Amenities include a clubhouse and garages.
Bohannon officials said it was premature to discuss their project and hinted it wasn’t a done deal.
“As this process is just in its infancy, we feel it is a bit early to discuss,” Matt Bohannon, a company vice president, said via email. “As we dig deeper into our feasibility process, hopefully this project will make sense for us to pursue further.”
Bohannon’s website lists the Tanager Meadows and Windtree complexes as two previous Colorado Springs projects, along with the Creekside at Beaver Creek in Beaver Creek. The website also shows nearly 20 past and present projects in Arizona, California, New Mexico and Texas.
Developers, investors and buyers have been attracted to the Springs’ multi-family market over the past several years.
Apartment rents have hit record highs, reaching nearly $1,157 a month during the second quarter, says a report by the Colorado Division of Housing and the Apartment Association of Southern Colorado.
Vacancy rates, meanwhile, have remained relatively low; they stood at 6.3 percent in the second quarter.
But developers have added few new apartments and local multifamily industry officials have said the Springs area needs thousands of additional units.
During the first half of this year, just 234 apartments were added to the local supply, according to the Housing Division and Apartment Association.