Monday, December 21, 2015

Apartments coming to downtown

Posted By on Mon, Dec 21, 2015 at 3:02 PM

click to enlarge This is an artist's rendering of the Wahsatch project. - COURTESY NOR'WOOD DEVELOPMENT GROUP
  • Courtesy Nor'wood Development Group
  • This is an artist's rendering of the Wahsatch project.

Nor'wood Development Group
and Griffis Blessing are teaming up on two apartment complexes in the downtown area, the companies announced recently. The two projects will add a total of 356 units.

Chris Jenkins, with Nor'wood, says rents will start at $1,000 a month for one-bedroom units and go up to $1,800 or more per month for the premium two-bedroom units.

That might sound pricey, but according to the news release, plenty of amenities will be available, including views, proximity to micro breweries and art galleries, parking and a swimming pool.

Here's the release:
The first purpose built urban apartment project of this size in Downtown Colorado Springs will be located at the southwest corner of Colorado Avenue and Wahsatch Avenue and will anchor the emerging East End neighborhood with 169 new 1 and 2 bedroom apartments and loft style units located on the street and alley.

The building will provide residents with secure parking, fitness/yoga studio, resident clubhouse opening onto an outdoor pool/hot tub and lounge deck. Other building amenities include a dog wash, bike storage and repair shop, co-working spaces and a rooftop lounge with sweeping views of downtown and the Front Range. The project is steps away from micro breweries, art galleries, unique restaurants and more. Site preparations and demolition will begin in early 2016 and begin leasing to residents in the summer of 2017.

The second project, located in the 600 block of South Cascade Ave will have 187 new 1 and 2 bedroom apartments and will add life and vitality to an emerging area of Downtown; leasing to residents in 2018. Similar building amenities will offer residents a complete and active urban lifestyle in an established neighborhood setting adjacent to restaurants, coffee shops and recreation/trail connections.

“With these two apartment projects, the standard for urban living in downtown Colorado Springs will be set for years to come,” said Chris Jenkins, President of Nor’wood Development Group. “As our Downtown’s Renaissance gains momentum, urban living will be the cornerstone to transformation. We have seen urban living explode in every thriving middle weight city and believe now is the right time for our downtown. We are thrilled to
be working on such great infill projects in downtown.”

“More and more millenials and empty nesters are in search of a more compact and maintenance-free urban lifestyle rather than large suburban homes with time-consuming and costly maintenance and upkeep,” said Steve Engel, Chairman of Griffis Blessing. “A lock and go lifestyle, within walking distance to the best restaurants, boutique shops and cultural activities in downtown make these properties unique and desirable.

These properties will offer residents unprecedented access to leisure amenities that complement their urban lifestyle.”

Nor’wood Development Group is a locally owned full service real estate development and management company operating only in the Pikes Peak Region for more than 40 years with a diverse and growing portfolio of real estate. Griffis Blessing owns and manages over 8,500 apartment units throughout Colorado and Idaho.

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