- Confluence Companies breaking ground on 99-unit apartment community in Golden
- West 8th Apartments is the first major apartment community in Golden in 16 years.
- Golden has strict limits on growth.
Golden will be getting its first major apartment community in 16 years.
Confluence Companies will break ground this Friday on an $18 million apartment community in Golden.
The 99-unit West 8th Apartments is the first major apartment community to be built in Golden since the mid-1990s.
On the western end of Eighth Street in downtown Golden, the community will provide a rental housing option currently unavailable in Golden, according to the company.
“West 8th Apartments addresses Golden’s Vision 2030 and Comprehensive Plan 2012 goals,” said Tim Walsh, president of Confluence Companies. “The plans call for higher-density development in downtown Golden to provide a walkable and bikeable community where residents can enjoy the outdoors and amenities of downtown Golden.”
Golden limits growth
To gain project approval, Confluence had to navigate Golden’s high barriers to entry.
The city has a controlled-growth program that restricts new residential development to one percent of Golden’s current housing stock, or about 82 building permits a year. Confluence “banked” permits from last year to achieve the density required for the community.
“As a result of this program, there are very few rental choices in Golden,” Walsh said. “West 8th will be a welcome addition to a market that currently has a 2.9 percent vacancy rate. Golden is an exceptional place to live, work and recreate; we are excited to bring additional housing to such a vibrant community.”
Designed by BOSS Architects, the project will be certified as LEED Silver to fully embrace sustainable living. Using an indigenous Parfet clay brick, the buildings are designed to fit in with the surrounding mesas and historic Golden. The project offers a mix of one-, two- and three-bedroom units that average 1,027 square feet. Rents will start at $1,100 a month.
The stand-alone clubhouse will include a cyber café and lounge with fireplaces, fitness center, enclosed bike storage and bike maintenance area, a dog-wash room and an outdoor covered lounge with grilling stations and a firepit.
The Golden Urban Renewal Authority helped pave the way for the development by providing tax increment financing. The financing helped to offset the cost of a portion of the public improvements and infrastructure required to improve a formerly blighted site.
“Undoubtedly without the support of GURA and the collaborative effort of the City of Golden, this project would not be a reality,” Walsh said. “The improvements to 8th Street will greatly enhance the streetscape and improve the pedestrian and biking experience. The project will also line a portion of the Church Ditch behind the property and provide a pet-friendly community park of just under an acre connected to the regional bike path.”
US Bank is providing a $13.8 million loan for the project.
“This is our second loan with US Bank and we really enjoy the relationship,” Walsh said. They act as a partner in the process to help us achieve our goals. Our first loan is for the North Main Apartments at Steel Ranch in Louisville. We closed that $26.5 million loan on Dec. 20 and residents will be moving into the first phase of the project on Sept. 1.”
Lynd was selected by Confluence Companies to provide leasing and property management.
West 8th is the second Confluence Companies property managed by Lynd,” Walsh said. “They act as an extension of our organization. “Lease-up on the North Main property is very strong with over 30 units leased a month prior to the first building opening. Marketing and pre-leasing will start immediately for the West 8th project in Golden with plans to move the first residents in by June 2014.”
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