Two Texas companies are planning to build a 114-unit senior housing complex in the upscale Flying Horse development in north Colorado Springs that will open in September 2020.
Civitas Senior Living, a rapidly expanding Fort Worth senior housing management company and StoneCreek Real Estate Partners, a senior housing development firm based in a Dallas suburb, plan to break ground next month on StoneCreek of Flying Horse. The 115,000-square-foot project will include nine detached single-family villas, 16 apartment-like flats, 73 assisted living apartments and 16 memory care residences. Rental rates have yet to be determined.
“Not only is Colorado Springs a popular place to retire, but this new community’s location is absolutely beautiful,” said Civitas CEO and founder Wayne Powell. The complex will be built at 1889 Silversmith Road, adjacent to the golf course that is part of The Club at Flying Horse and will include an enclosed courtyard, sun rooms, salon and spa, a dining area, library, art and activity rooms and a fitness center.
StoneCreek will come on the market about 1½ years after seven senior housing facilities opened in late 2017 and throughout 2018, adding more than 600 units in the Colorado Springs area.
Nick Craig, a partner in StoneCreek Real Estate, said in an email that he "fell in love with the area" while visiting his parents when the lived in the Springs area. He said the company had been "looking at the area for years with a focus on Flying Horse for much of that time." StoneCreek delayed its plans amid the recent boom of local senior housing construction, but Craig said the partners "are confident and excited that now the riming is right to pursue our plans."
Two more projects are on the way. Lincoln, Neb.-based Resort Lifestyle Communities began construction last month on a $30 million, 128-unit senior housing complex southwest of Powers Boulevard and Woodmen Road called Aspen Trail Retirement Resort. Wichita, Kan.-based Presbyterian Manors of Mid-America is in the early stages of planning and financing an $80 million project called Aberdeen Ridge Senior Living near Coronado High School that would include up to 234 apartments, assisted living and memory care units in the first phase.
The Colorado Springs location will be the fifth project Civitas and StoneCreek have developed during the past four years, including a similar complex with 70 assisted living and 16 memory care units in Littleton that is under construction and is planned to open late this year. StoneCreek Real Estate Partners developed the Gardens at Westlake in Greeley, Sterling House of Greeley and Crossings at Pueblo assisted living complexes totaling 157 units.
Civitas operates 38 senior housing complexes in Florida, New Mexico, Oklahoma and Texas and is building 16 others in Arizona, Colorado, Florida, Kentucky and Texas. The company traces its roots to 2003, when Powell took over and turned around a troubled nursing home and two years later took over a senior housing complex. He moved into consulting and later into development and management under the Civitas name.