More new apartments are planned for one of Colorado Springs’ hottest growth areas.
Bohannon Development, an El Paso, Texas, real estate company, has proposed a 280-unit apartment complex on nearly 13 acres southeast of Powers Boulevard and Old Ranch Road in Cordera on the far north side, according to documents filed with city planners.
Bohannon has contracted to buy the site from an entity controlled by La Plata Communities, developer of the sprawling Briargate master planned community that includes Cordera, said La Plata president Doug Quimby. The deal is expected to be completed in December, he said.
Ridgeline, as the project would be called, would have one-, two- and three-bedroom units in multiple buildings, along with a clubhouse and pool, documents submitted to city planners show.
The project is the second proposed by Bohannon in Colorado Springs in the past year. The company also submitted plans in September 2018 for an apartment complex along Union Boulevard, just north of Lexington Drive.
In May, Bohannon paid $3 million to buy 15.4 acres at the Union-and-Lexington site, El Paso County land records show. Bohannon’s latest plans for the site show a 232-unit project, with one-, two- and three-bedroom apartments, according to city documents.
Bohannon officials didn’t respond to calls seeking more information about their projects.
The company, founded in 1980, develops, builds and manages apartments, single-family homes and retail properties in Colorado and eight other states, according to its website. The website also lists the Tanager Meadows and Windtree complexes as two previous Colorado Springs projects.
The Cordera site is the last one in that development that’s been master-planned for apartments, La Plata’s Quimby said. Cordera also is home to thousands of home sites, offices, self-storage facilities and the Briargate Crossing shopping center, among other land uses.
Cordera is one of several residential and commercial developments on the far north side that’s seen rampant growth over the past two to three decades as the city’s population has surged to the north and northeast.
InterQuest, Northgate, Flying Horse, The Farm and Wolf Ranch are among developments that now are home to rooftops, apartments, restaurants, stores, hotels and entertainment uses.
“The north end of Colorado Springs is very popular right now, and there’s a lot going on up here, all the way from the Cordera side out to The Farm and everything that’s happening on InterQuest Parkway,” Quimby said. “There’s just a lot to do out here, so it’s a very attractive place to live.”
And like Denver and other cities, Colorado Springs’ apartment market has proven attractive to developers.
Young people who don’t want to be tied to a mortgage and empty nesters who prefer maintenance-free living are among groups that have driven the demand, industry experts have said. An improved economy, meanwhile, means more people have jobs and need places to live.
The result: Springs-area apartment vacancy rates have plunged in recent years, while average rents have soared to record highs — topping $1,200 a month in the second quarter, according to the Colorado Division of Housing.
Higher rents and steady demand have triggered a wave of new apartment projects.
“The market’s hot because there’s population growth, because we have a lot of people that want to rent rather than buy,” Quimby said. “That decision seems to be deferred longer, about buying versus renting. As housing prices increase ... a lot more people are interested in renting. Demand still continues to be very high.”
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