Luxury apartments coming to Monument, north of the Springs
The town of Monument has plenty of single-family homes in scenic subdivisions, but few multi-family residences for people who don’t want a house or need a less expensive place to live.
That’s about to change.
The town, one of the Tri-Lakes communities along with Woodmoor and Palmer Lake, is getting a 177-unit, $20 million luxury apartment complex. Construction is under way on the Vistas at Jackson Creek, at Jackson Creek Parkway and Broken Timber Drive, across from the Monument Marketplace shopping center, about 15 minutes north of Colorado Springs.
The complex will include one-, two- and three-bedroom apartments; monthly rents will start in the $700s and increase to more than $1,100 for the largest units, said Rick Blevins, land development director for Vision Development Inc., the company that’s developing the 1,200 acre mixed-use Jackson Creek project where the complex is being built.
Jackson Creek includes the Wal-Mart-anchored Monument Marketplace, several single-family neighborhoods and the Jackson Creek Commerce Center. A limited liability company formed by Vision is developing the apartment complex.
A strong demand for rental properties in recent years and a lack of multi-family housing in the area are driving the project, Blevins said. The Colorado Springs-area apartment vacancy rate was 6.4 percent in the second quarter, well below the double-digit rates the area saw regularly between 2002 and 2009, according to the Colorado Division of Housing.
“Vacancies are very, very low,” Blevins said. “For the foreseeable future, we expect them to be low.”
The first units at Vistas at Jackson Creek are expected to be finished in the spring, and the entire complex should be completed by early fall 2012, Blevins said. The project has been planned for two years, but the developers only recently finalized their financing, he said.
The complex will include a clubhouse, an outdoor pool and hot tub, indoor and outdoor cooking areas, an indoor dog wash and grooming center, a park with a playground, a fitness center and an Internet café.
Monument, with a population of 6,800, has at least one other apartment complex, but no luxury apartments, Blevins said. Several complexes are located in northern Colorado Springs, but are several minutes away. And home prices in Monument, Woodmoor and Palmer Lake aren’t cheap; during the second quarter of this year, they averaged nearly $383,000, according to the Pikes Peak Association of Realtors.
Julie Bille, a Tri-Lakes Chamber of Commerce board member, said the apartments will be a welcome addition.
“I know people that have to commute up here from Colorado Springs in the wintertime, because they couldn’t find anywhere to live here,” said Bille, owner of BeXpressed, a Web design and marketing business. “It’s very difficult for them. ... I personally think it’s a good idea. I hope it’s a nicely laid-out complex. I think we need something like that.”
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