Apartments going up at Steel Ranch
Confluence Cos. LLC plans to break ground by the end of August on a 228-unit luxury apartment complex in the Steel Ranch development. The complex will have seven buildings, and the first building is expected to be ready for tenants early next summer, said Tim Walsh Confluence's president.
Confluence is branding the complex North Main at Steel Ranch. The project is at the northwest corner of Colorado Highway 42 and South Boulder Road.
Confluence plans to capitalize on Louisville's growing reputation for its quality of life, great schools and easy access to Boulder and Denver, Walsh said.
"We really liked Louisville as a great little small town, with a vibrant downtown," Walsh said.
North Main at Steel Ranch is targeted for a demographic that currently lacks many options in the city because they are priced out.
"We also feel that Louisville needs a little more diversity in its housing type. (We will) provide young professionals and young families the opportunity to live in a great small town," Walsh said.
Confluence will develop, build and own the community, Walsh said. It has been involved in the planning for about two years, working with RMCS LLC.
The project has a budget of $36 million, according to Confluence. Confluence along with other investors on Aug. 14 closed on the approximately 9 acres on which North Main will be built.
The company Confluence formed to make the acquisition, Steel Ranch South Apartments LLC, paid $4.22 million to acquire the property from RMCS, according to property records.
The complex will have 108 one-bedroom units with an average price of about $1,200, 108 two-bedroom units with an average price of about $1,400 and 12 three-bedroom units with an average price of about $1,600.
In addition to Confluence's project at North Main, Boulder Creek Builders LLC is planning to build 58 town homes on six acres in the Steel Ranch area.
The project will be called the Overlook at Steel Ranch, and Boulder Creek Builders has set up an interest list on its website.
Boulder Creek Builders president David Sinkey said his company is wrapping up the entitlement and design process. Boulder Creek Builders likely will close on the deal to purchase the land in the next few weeks.
Boulder Creek Builders' goal is to have a model home built by Spring 2013, Sinkey said.
Homes in the Overlook will be smaller and have a lower price point than the patio homes Boulder Creek is selling at Steel Ranch, which is the subdivision immediately north of the Overlook and North Main at Steel Ranch.
The Overlook and North Main will close a gap between the subdivisions currently being built at Steel Ranch and Louisville's downtown and help make the area more walkable, especially when an underpass beneath South Boulder Road is completed in the future.
"It creates the very critical link between Steel Ranch and Main Street, and the downtown area," Sinkey said.
Ryland Homes is building single-family homes in the Steel Ranch development as well.
The property the Overlook will be built on was purchased by Takoda Properties Inc. last week for $2.7 million, according to property records. RMCS was the seller but remains involved in the project.
RMCS principal Justin McClure said the people involved are eager to get the project started.
"We always set an aggressive schedule. We like to keep the sense of urgency strong," McClure said. "We've got strong demand for residential use, and there's not a lot of options to provide for that kind of demand."
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