New apartments will pop up this fall at Gypsum’s Spring Creek Village
Income-restricted units should be ready for occupancy by next summer
GYPSUM — The money is now in hand and construction crews are mobilizing at the Spring Creek Village site in Gypsum.
Now, if all goes according to plan, 150 income-restricted rental units will be ready for occupancy by summer 2020.
Gerry Flynn and Jeff Spanel of Polar Star Development said the final construction and bond financing documents for Spring Creek Village were signed Oct. 10. That cleared the way for construction to begin on the planned 282-unit project.
“It was a big day to celebrate,” Flynn noted.
It’s been almost a year since the Gypsum Town Council approved plans for the new apartment complex. As Polar Star worked to finalize its financing for the apartment complex, the company signed a contract with longtime local builder Rick Patriacca to construct 15 single-family homes and 40 townhomes at the site. That work has already begun, along with the construction of a new road — Chickadee Street — that backs up to Sunny Avenue, the existing access road for the Stratton Flats neighborhood.
According to Flynn, the plan for Spring Creek Village has been tweaked during the past 12 months. While the apartment unit density is the same, the plan now calls for 10 buildings instead of 12. The additional units will be located on the ground floor, where covered parking was located in the original plan. The covered parking spaces, along with some storage units, are now located in detached garages.
Already being built
According to Flynn, one of the first projects for construction crews at the Spring Creek Village site will be the temporary access road on the east side of the property. Construction traffic will use that road rather than driving through the existing residential neighborhood.
“Then we are moving very quickly to foundations,” he said.
The first phase of construction will include five apartment buildings, the village clubhouse and two park areas. The apartment structures are already under construction in Boise, Idaho.
“We will see the first boxes arriving in November and we will begin piecing them together in December. That’s really the exciting part,” Flynn said.
Flynn noted the decision to build Spring Creek Village with modular construction was strictly cost-driven.
“I think most of the multi-family construction you see in this valley will be modular in the future,” he said. “Almost everything in the metropolitan areas in California is built that way and we are seeing more and more modular construction in Denver. Any high labor cost market, and that includes Denver now … have many people choosing to build off-site and bring the units in on a truck to do the finish work.”
The onsite work for Spring Creek Village will include site preparation, foundations, siding and exterior stairways. Flynn noted the modular units fit together like a large-scale puzzle because it takes several pieces to form each individual residential unit.
Once crews begin putting the modular pieces together, the units will go up quickly.
“We are going to deliver a building every month from April through July. We hoped to have all five buildings up by July,” Flynn said.
Acceleration and deceleration lanes on U.S. Highway 6 will be built for the project, but that work won’t likely start until spring.
Part of the reason why it took longer to complete the financing for Spring Creek Village is the nature of the project.
“All of phase 1 is income-restricted and all tenants must not earn more than 60 percent of the county’s median family income,” Flynn said.
The median income amount is adjusted annually and the latest figures will be announced in April. Polar Star anticipates the figure will be approximately $100,000 for a family of four. That means the family income for the restricted Spring Creek Village units must be below $60,000. Working from that number, one-bedroom units at Spring Creek Village should rent for approximately $1,000 per month. Rent for a two-bedroom unit should be approximately $1,200 and rent for a three-bedroom unit should be approximately $1,400.
Flynn added that the second phase of construction — the remaining 132 units — will feature both open market and less restrictive income requirement units.
“We hope to start that construction next year,” he said.
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