A California real estate company that develops communities for adults 55 and older plans 160 apartments in Colorado Springs, where it says demographics and growth patterns favor the project.
Avenida Partners of Newport Beach would build a single, four-story apartment building about 6 acres along Grand Cordera Parkway, about halfway between Briargate and Research parkways, on the Springs' far northeast side, according to a proposal the company has submitted to city government planners.
Avenida has 10 projects it has built or has under construction around the country, including one open in Lakewood and another coming to Loveland, its website shows.
The company looks for markets that would support projects designed for active seniors, said Matt May, an Avenida vice president. Colorado Springs has a general population of active seniors, strong population growth driven by people moving to town and healthy household incomes, he said.
"We look at these markets across the country and look for a convergence of in-place demographics, inmigration, as well as pretty strong incomes in the area," he said.
"When you look at the in-place demographics in Colorado Springs and couple that with the inmigration that's coming from not only Colorado, but also from out of state, there's a significant amount of unmet demand from the senior population," May said.
Some people who move to town are so-called baby chasers — parents who want to move closer to their kids and grandkids, May said.
If they can't afford independent or assisted living, aren't ready for medical assistance and don't want to own a home with a lawn to mow and other maintenance, "we give them an opportunity to live there locally in a highly amenitized, luxurious building," May said.
As proposed, the Avenida project would be restricted to adults 55 and older.
The project would have 104 one-bedroom and 56 two-bedroom units, according to Avenida's proposal to the city. Apartments would have full kitchens, washers and dryers, storage closets, patios or balconies and dens in selected units.
Apartments would rent at market rates and range from $1,700 to $2,400 a month, May said.
Interior amenities tailored to active seniors would include a clubhouse, boutique hotel-style lobby entry, a bistro, fitness and yoga studios, private dining room, creative arts studio, game rooms, flexible meeting space and library area.
A large great room would have a lounge area and gathering space, a fireplace with conversation seating areas, a big screen TV and dining tables and chairs. The room could be used for catered and holiday events, Sunday brunch and group gatherings, such as book clubs and card games.
Outdoor amenities would include two large courtyards for recreation, outdoor grilling, a pool, walking paths, lounge areas and resident gardens.
In a best-case scenario, Avenida hopes to start construction in the second quarter of 2022 and open the project in the fourth quarter of 2023, May said.
"We're very active across the country, we're very specific in the markets we target," he said. "We like Denver, plus or minus an hour in any direction, a lot. ... The economy is great, low unemployment. A lot of people moving there from out of state. And not even necessarily seniors, but also people in their 20s, 30s and 40s."
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