Lone Tree’s first affordable residential project
Two new residential projects are planned for the RidgeGate community in Lone Tree at the transit-oriented district site on the east side of the community: a market-rate apartment complex and housing project.
These projects, which are subject to approval by the city of Lone Tree, will kick off higher density mixed-use development at the RidgeGate Station TOD.
Combined with the previously announced Shea Homes Southwest Residential Village, which consists of approximately 1,900 planned for-sale homes, RidgeGate will offer a diverse mix of residential housing options.
“We believe that by starting development on RidgeGate’s east side with a wide range of rental and ownership residential options, it will respond to the strong demand for residential, enhance the opportunity to attract an anchor employer for the east side and appeal to a wide range of future residents,”said Keith Simon, executive vice president and director of development for Coventry Development Corp., the master developer for RidgeGate. “We are working with some of the best local and national builders to bring to market a wide range of high-quality residential units that will create a vibrant and diverse environment in the heart of this growing community.”
Two different builders are under contract and in the planning and approval stages for these projects. Regency Residential will develop and operate a 540-unit market-rate rental apartment complex with numerous amenities and 10,000 square feet of ground-floor retail space. Koelbel and Co., which recently was awarded low-income housing tax credits from the Colorado Housing Finance Authority, plans to build 67 affordable apartments on the site – a project that will be the first of several similar projects in RidgeGate that will help achieve its 350 affordable housing units commitment on the east side of Interstate 25.
“We are thrilled we have the opportunity be bring to market much-needed affordable housing opportunities to residents in this high-need area of Lone Tree,” said Carl Koelbel, chief operating officer of Koelbel and Co.“RidgeGate is an ideal community for residents to enjoy tremendous parks and open space, employment opportunities and retail amenities at an affordable price.”
Regional Transportation Department commenced light-rail operations at the RidgeGate Station in May 2019. The station includes a 1,300-car parking garage for commuters. The goal for this area is to integrate over 700 residential units along with retail and other commercial uses such as hotels, office and entertainment/restaurants. This district also fronts along the Lone Tree Regional Park, which is expected to begin construction in the coming years.