Work could begin next year on the building of a 96-unit apartment complex in Montrose, Colorado that will include commercial space.
Called Project Green in city documents, the project is expected to cost around $35 million to complete and will belong to the Denver-based development company Greenline Ventures.
Members of the Montrose Urban Renewal Authority have now given their unanimous approval to some $1.3 million in incentives to spur the project along.
As envisioned, Project Green will see the construction of three separate blocks of apartment units in three-story buildings that look like houses with peaked roofs, fronted by trees. This residential portion of the project will measure nearly 77,000 square feet.
A site rendering also shows a rectangular and L-shaped building to be used for non-residential purposes facing the apartment structures.
Plans additionally call for up to 10,000 square feet of commercial space that may include restaurants and stores.
The 3.5-acre project will be located within what is officially called the Colorado Outdoors Planned Unit Development, a 165-acre site along the Uncompahgre River.
Founded in 2004, Greenline Ventures places an emphasis on financing and projects in underserved communities. To date, the company has invested more than $2.5 billion in business and community projects.
If all goes as anticipated, work on Project Green should be completed by the late summer of 2026.
By Garry Boulard
Image Credit: Courtesy of Pixabay
