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HomeMy WebLinkAboutSPRING CREEK STATION (2105 S. COLLEGE AVE.) - PDP - PDP160020 - MINUTES/NOTES - CORRESPONDENCE-NEIGHBORHOOD MEETINGAge -qualified apartment demand drivers Baby boomers and the aging of the population in Colorado's Front Range: With the 4th highest proportion of Baby Boomers of any state in the U.S. and a relatively small proportion persons age 65+, there are more than 10 times as many people aged 55 to 82 in the Denver metro area as there are age 83+ (the traditional retirement community entry age). In the 7-county Denver/Boulder area, for example, there were 687,000 people in the younger/mid-range of age 55 to 82 in 2015, projected to grow to more than 911,000 by 2025. That translates to tremendous demand for new housing options for younger retirees and empty nesters - those who have little interest in traditional retirement communities. Certainly, a segment of this market will be drawn to well -designed, age -qualified rental options, as many in this age group are still fully active, healthy, with many still working. 7-County Denver/Boulder Area: Number and Growth of S5+ Person: 2015 to 2025 Year Younger 55-70 Mid -Range 71-92 Oldest 83+ 2015 533,265 Growth 153,931 Growth 59,805 Growth 2025 630,070 96,805 281,425 127,494 82,529 22,724 Growth 18% 83% 38% .Source: Colorado Stare Demogr"hy,aebslte Adana, Arapahoe, Boulder, d oomrleld, Denver, oddglas, /effera W Forecast for the Population 65+ In Colorado mm is, aeeraag 39% Iced. 61% wam 32% a lea IOW )(Ito M. g]O tPN Changing generational differences and preferences: There are significant generational differences in lifestyle, values, and preferences between the WWII generation and the Silent Generation (now 71 to 90) and many of the current residents of age -qualified apartments), and even more significant differences between Baby Boomers (now about 52 to 72) compared to their somewhat older peers. Much existing retirement product is not the right fit, even for the current generation of retirees, many of whom are seeking locations in vibrant and walkable neighborhoods, more options for fitness and outdoor recreation, larger and well-appointed units, and most importantly, seeking to live with their age peers, rather than people in their mid-80s to late-90s. Compared with the beauty shop, craft room, library, and activity room of the traditional independent living community, newer age -qualified apartment properties offer amenities such as yoga studios, business centers, bike garages, community gardens, and wine bars, reflecting the evolving lifestyle of the new, Baby Boomer consumer and their slightly older peers. Conclusions In comparison to mixed -age multifamily apartment properties, age -qualified apartment properties offer retirees the freedom and comfort of a rental option that is designed for them and where they can enjoy the company of their age peers. In comparison to traditional retirement communities that are priced to include meals and many other services, age -qualified apartments provide a younger and more economical choice. And, as would be expected, with many new properties locating in vibrant, mixed -age neighborhoods, the newest generation of age - qualified apartment properties is beginning to attract those in their late 50s and 60s. This trend is most likely to continue, as developers of this new housing type shape their properties to meet the needs and preferences of the huge Baby Boomer population in Colorado's Front Range. This paper was prepared by Elisabeth Borden, Principal, The Highland Group, Inc. July 2016 (Revision) Boulder Steel Yards, 3020 Carbon Place Suite 202, Boulder, CO 80301 720.565.0966. www.thehighlondgroupinc.com The Highland Group offers strategic research, planning, and marketing solutions for 55+ housing and care communities. White Paper. ,. ; HI Age -Qualified Apartments in Colorado's Front Range Age -qualified apartments - profile of residents Age -qualified or "55+" market -rate rental apartment properties are similar to mixed -age multifamily properties, offering individual apartments and community lifestyle amenities, designed to match the needs and preferences of age 55+ individuals. Those who choose this housing over mixed -age multifamily properties generally do so because they are seeking a lifestyle change that provides the opportunity for new friendships and connections with age peers. Demographic data about age -qualified apartment properties in the Front Range of Colorado reveals that the average age at entry of the newest properties is in the low to mid-70s, much younger than the average entry age of the traditional high -service independent living and continuing care retirement communities, which now have an average entry age of 83 to 84. A compilation of direct consumer research conducted by The Highland Group for age -qualified apartment properties indicates that the greatest differences between age -qualified apartment residents and traditional retirement community residents can be seen in a strong attitude of independence, as well as generally higher levels of physical health and ability. In contrast, residents of traditional retirement communities tend to be those who either currently need or choose more included services and/or who seek the security of knowing that even higher levels of services are available when needed. Age -qualified apartments offer a strong value proposition to potential renters In comparison to traditional "independent living" properties: Age -qualified apartments offer many of the same benefits of traditional retirement communities, yet at a much more reasonable price point. The Highland Group periodically compiles "market -basket" comparisons between traditional independent living properties that have high levels of bundled services and age -qualified apartment properties, in order to examine the rent difference between independent living and age -qualified apartments in similar market areas. On average, traditional "independent living" apartments are priced much higher than age -qualified apartments, typically by $1,200 to $1,700 per month, reflecting the high cost of included services at traditional retirement properties. In comparison to mixed -age multifamily properties: Age -qualified apartment properties have a greater perceived value to many age 55+ residents than do typical mixed -age apartment properties, because age -qualified properties generally offer residents a preferred age group and lifestyle, social and recreational opportunities, appropriate common amenities and spaces, and concierge services. While the quality and design of apartments and common amenity spaces are very important, many residents report that the people and lifestyle are the most valuable aspect of their residency. Because the stabilized age -qualified apartment properties consistently run high occupancies with wait lists, even with rents at the most expensive properties averaging up to $3 per square foot, i is clear that residents of good -quality age -qualified apartment properties believe the rents they pay are reasonable relative to the value received. Spring Creek Age Qualified Apartments 2105 South College Avenue Neighborhood Meeting MAN N nMIINAI Perspective Renderin, 1`, West Facade Perspective Rendering North Facade I f I8uildirlg Coverage �J 11 PARKNO \Rf'\ 1 .. I .. .....��— I n_P9P41C 2AVRo\6R I,TII,JTY f1�1F_VI'.f 303-721-19R1 211uly 2016 Project Statistics After Land Area 96,690 SF Building Floor Area Ratio 2.0 FAR Total Floor Area 193,131 SF Building Height 4 stories, 60 Ft Building Coverage (Footprint on Ground) 60,817 SF Parking Area (Asphalt) 17,726 SF Landscaped Area 11,878 SF Paved Walks, Curbs, Patio, Etc. 6,732 SF Parking Spots Provided 166 Spaces Parking Spots Required for Zoning 141 Spaces Spring Creek Age Qualified Apartments —// 303-721-1981 2105 South College Avenue 773ERL. NOI)EYHLOP.NiF.\TG90UPINU. Neighborhood Meeting The Spring Creek Apartments: 21 July 2016 The Spring Creek Apartments project consists of 168 apartment homes to be developed on approximately 2.22 acres of land located at 2105 S. College Avenue. This apartment community will be an "age qualified" apartment community designed specifically for the needs of active adults 55 years of age and older. The apartment homes and their extensive amenities will provide comfortable living for seniors who have chosen to move from their single family homes or condominiums to live in the company of other residents in similar situations who are retired, and wish to participate in a wide range of social and recreational activities with their peers. The property's management staffing will include a Full Time Community Life Director and program that emphasizes active participation in the numerous cultural and civic opportunities Fort Collins provides. A Concierge Services Director will assist each weekday with social and personal activities. The proximity of MAX will provide easy and pleasurable access to the many local attractions and opportunities for enjoyment within the City. What is the history of the Property? The site is zoned General Commercial (CG) and was originally developed in the 1960's. The site contains two partially occupied single story commercial buildings with a variety of retail tenants. What are the goals of the Proposed Project? Berland Development Group's goals for this proposed project are: • Demolish the existing buildings on 2105 S. College Ave. and construct a five story apartment building. • The at -grade level will provide the buildings main entry on the east side. The majority of the ground level is utilized for covered parking capped by a concrete podium deck. • Four levels of apartments will be constructed above the first level and will consist of age qualified one and two bedroom units, as well as some studios. • This project is designed to meet the unique needs of the 55+ by providing a high quality living environment and an enjoyable active adult senior community. • To significantly improve the property which will add value to the community and the neighborhood now and in the future. Thank you for participating in the Neighborhood Meeting. We look forward to sharing our project plans with you this evening and hearing your comments. `. 1t1Hi�Vi1HUUll I�+. �iZtil I iU �IEETI SQL y a l �Q/G S PO-iNG C-A-C /t $ �R T1 aN DId `oo P,ccc:re rcc: fta :�ottrc_:ior;.ycdr._: of tb.s wcccicg7 •I Yas *'o Yes Yo l £D .S h4F?.# ,0 C i ry PL Xf6y �•eMgki a aa► oy,�rr,4►,� I ✓ --�oww, 2.z� toy ✓ ZZI 3 V Ate" ✓ I ✓ �2C Y ,�' �2�„✓ S3/ t Sru A27 avian 112-1a ba-le.Itu..r LAI FLg64 AM Sit CI. gSo( Ge.ZbsK6�//� R l—RRL�N / � 18 .�NaiMtN F%�F�OWS Ltl. �jir�o� 1� I ✓ I �/ o� n l 5 J�DG,r 5. C��►r� 1 a� � � ���� � A �Z� 1/ VI I . —JAAArOAdR sti' C-7; FC &,�,Aj M-,t,' �ktl ?C jl ?.aiArrson 20136 E►,A 6, �Y I h ✓kbl{ .2�J3//G C6lLA,. �G I I ✓ I" /6ordo QdiY �liK�C -An\akrck � �rr�,e- l CJ�, l� C s, w ✓I I r J or 1y W �K k y vo g UU-s-Q(nll IV-h ��u���� ��� z�u�ti T - /,Es Oltwr6Ro ;-q2 L �-°5-1f/ 'Dwr4 CoNsrwaCT-(at-), }Nc•( 24.1 recommend that you factor in a loading zone to allow a delivery truck to pull up and be able to park and load and unload furniture, appliances and other large bulky items A. Thank you for this comment. We plan on providing a pull-up area near the garage entrance. 25.Are you aware of the City's Bike Share Program? This would be a great location for a Bike Share station. A. Thank you for this comment. Yes, we are aware of Bike Share. We have not considered offering space for this as we will be hard pressed to provide space for all of the amenities we would like to provide for our residents. Perhaps a better place for Bike Share would be closer to the MAX station. 26. Will you be offering a place for folks to grill? A. We will consider this suggestion. 27. Will you provide customized parking spaces for scooters? They don't need as much space as a car. A. Again, we will consider this suggestion. 28. What is your time frame? A. Please note that we have not purchased the property yet and we are at the beginning of the process. If all goes well, we would like to complete the City's entitlement process in early 2017 and then begin construction. This would allow us to start leasing in early 2018. 5 alternative modes and not rely so much on the car. My concern is that the project does not appear to upholding the principles of sustainability. At least on some level, you could provide sufficient electrical capacity and pre -wire outlets for charging up electric and hybrid vehicles to lessen the carbon footprint. A. We have very carefully analyzed our proposed ratio of parking spaces per unit based on our past projects and gathering data from other similar projects. For example, there is a successful project in Jefferson County, called Concordia on the Lake near the Southwest Plaza, which has a similar parking spaces -per - bedroom ratio. Further, we don't want to risk under -parking the project and cause spillover parking on public streets in the surrounding neighborhoods. And, if we under -park, it would be exceedingly difficult to correct after construction. Please note that we have an electrical vehicle charging station in our garage at our Arvada project which is 1.5 blocks from the Gold Line. We intend to provide adequate power and a charging station in this project as well. 17. Are you aware that the neighborhood to the north has the on -street residential parking permit system? A. Yes, we aware of that. 18. What are the estimated lease rates? A. At this time, we see a range between $2,500 - $2,700 per month. 19. Will the ground floor include services and shops and the like? A. We are not planning on providing space for non-residential land uses. 20. What are the construction materials? A. The ground floor will be concrete to support the wood framing above. 21. My comment is that this is a good location for housing. 22. Does the Concordia on the Lake project have an issue with parking spilling over into the neighborhood? A. The projects are not exactly comparable given their setting but, no, we do not see overflow parking impacting neighborhoods at the Concordia project. 23.Are there building entrances and exits that do not cause one to traverse through the parking garage? A. Yes, we plan on about four to five stairwells that will lead directly to the outside. 4 10.1 live east of South College on Rutgers and crossing College Avenue as a pedestrian is pretty scary. For pedestrians crossing at Rutgers, we need more green time. A. We will pass this along to the City's Traffic Operations Department. 11. Also, with regard to the overall pedestrian experience, traversing the Whole Foods parking lot is challenging. In general, the parking lot is heavily congested. A. We also have observed the congestion in the Whole Foods parking lot. Please note that there are currently three driveways serving the two existing buildings that connect our parcel to the W.F. parking lot. We will be closing two of these and rely on sidewalk connections instead. This should reduce traffic crossing back and forth between our properties. 12. Please take a look at your pedestrian circulation. You need to make sure that riders taking the MAX can safely access the northbound platform. A. Yes, we agree that easy access to the MAX platforms is essential. 13. Question for the City — when will the promenade as called for in the Midtown Corridor Plan be constructed? A. Response from City Planner: The improvements envisioned by the Plan will be constructed by developers as development occurs. Presently, there is no publicly funded City of Fort Collins capital project that would construct the promenade or other Midtown Plan improvements. 14. So what will the developer be doing here to implement the Midtown Plan improvements? A. We are aware of the promenade as called for in the Midtown Plan. As a result, we are providing for a public plaza on the west side of our building. This area will be landscaped and open to the public. 15. We own the property to the north. Part of our operation is that we produce salsa. We presently take deliveries by tractor -trailers that can be up to 53 feet long. As you draw up your plans to redevelop the site, be sure that these trucks have adequate turning radii to get in and out of our site. A. Our intention is not alter the existing turning radii of any of the access drives. 16.You describe having about one parking space per unit which exceeds the minimum requirement for projects located in the Transit -Oriented Development Overlay District (TOD). My comment is that this is an excessive amount of parking in an urban part of our City where we are trying to encourage use of 3 A. There is nothing we can do there as we do not control that property. 2. Rather than taking that sidewalk on College along the retaining wall, it would be beneficial if pedestrians had an alternative. It would be more user-friendly if there were a north -south pedestrian walkway on the west side of College Avenue. A. We will be improving the east side of our parcel but our parcel is only one of many that would need to be included in a meaningful alternative to the sidewalk on College Avenue. And, the Arthur Ditch prevents any north -south walkway from extending north of the ditch. 3. You should be aware that there are transients in the area. You may want to think about ways to secure your site and control access. A. Thank you for that comment. 4. 1 like the fact that the project will be age -restricted. This is better than if it were student -oriented multi -family apartments. 5. How will you accommodate bikes? A. Our thinking at this time is to provide bike parking within the at -grade parking garage. 6. What moving furniture in and out of the apartments? Will you have a freight elevator? A. We will have two elevators and they will be sized to handle bikes as well as furniture and appliances. 7. I'm curious as to your total project cost. A. We estimate that the total cost of the project will be about $40 million. 8. Where will you stage the construction materials and equipment? A. We have not gotten that far yet. We have recent experience in Arvada where we constructed a multi -story building in an urban environment. 9. What if the over-55 concept does not pan out from a marketing perspective? A. If for some reason the concept does not fly, we'll reassess our marketing strategy at that time. 2 NEIGHBORHOOD INFORMATION MEETING PROJECT: Spring Creek Station — Multi -Family LOCATION: 2105 South College Avenue DATE: July 21, 2016 APPLICANT: Mr. Don Berland, Berland Development Group CONSULTANTS: Dan Skeehan, Kimley Horn and Associates, Inc. Curtiss Rowe, Kimley Horn and Associates, Inc. Jeff Van Sambeek, Lodestone Design Group CITY STAFF: Ted Shepard, Chief Planner Project Description The project consists of re -developing a parcel of land that includes two existing commercial buildings that are addressed as 2105 South College Avenue. This parcel is immediately north of Whole Foods. As proposed, the project consists of a five -story apartment building containing 168 units on 2.22 acres. Parking would be at -grade with four stories above. The number of parking spaces at this time is estimated to be 166. There would be a mix of studio, one -bedroom and two -bedroom apartments. The applicant has indicated that the project would be oriented to active adults age 55 and older. The existing buildings would be demolished. Access would be gained from South College Avenue via an existing access easement just north of Rutgers Avenue. Unless otherwise noted, all responses are from the applicant or consulting team. Ouestions, Concerns, Comments 1. Will you be able to do anything about the sidewalk on College Avenue in front of the concrete retaining wall? As it is now, it's a very harsh pedestrian experience and not very attractive. In the winter, the sidewalk is very slushy.