In a city where the local apartment market continues to rapidly expand, plans are underway for the construction of a 264-unit apartment complex that will include balconies and rooftop decks.
The project belongs to the Boulder-based Chartered Development Corporation and will go up in Longmont at the northwest corner of Nelson Road and Dry Creek Drive, several blocks away from the Boulder County Fairgrounds.
That currently vacant site is surrounded by mostly new apartment and office developments.
Along with the Granite Capital Group, which is based in Santa Barbara, California, Chartered Development purchased the site for $3 million, and plans to build five separate buildings.
Those structures will each be four stories in height, housing up to 123 one-bed and 121 two-bed units.
It is thought that the Longmont project will cost around $73 million to build, with work expected to begin by fall and a rough completion date of spring 2023.
With a population that has jumped from 71,000 two decades ago to nearly 100,000 today, the apartment market in Longmont is booming, partly due to its appeal as a bedroom community 35 miles to the north of Denver.
Rents for one-bedroom apartments in Longmont currently range between $1,500 to $2,100 a month.
By Garry Boulard
