Work could begin sometime this summer on the construction of a new apartment complex with units geared especially for low-wage earners as well as seniors.
The project will go up on the southeast side of downtown Colorado Springs and will see the construction of 280 units on currently vacant land near the intersection of East Fountain Boulevard and South Nevada Avenue.
The site was previously donated to the city with the stipulation that it be developed for the public’s benefit.
What is being called Draper Commons, to be developed by the Colorado Springs-based BCR Management, will feature both one and two-bedroom apartments as well as studio units.
To spur the project’s development, the Colorado Springs City Council has approved up to $21 million in multifamily private activity bonds. Such bonds are used specifically to support projects that have a pubic benefit, such as hospitals, water treatment facilities, and affordable housing.
City officials have said that the new complex will help reduce what is estimated to be a 15,000-unit shortfall in affordable housing in Colorado Springs.
That shortfall is partly animated by an average monthly rent in the city that is now nearly $1,140, with the median list price for a home in Colorado Springs surpassing the $316,000 mark.
By Garry Boulard
