Etkin Johnson Breaks Ground on First Phase of 77-Acre Development in Colorado Springs
288-Unit FalconView to Deliver by Year-End 2019
Denver-based Etkin Johnson Real Estate Partners on Wednesday broke ground on the first phase of a 77-acre development in Colorado Springs, CO.
The company is building FalconView, a 288-unit apartment complex, near the intersection of I-25 and InterQuest Parkway in northern Colorado Springs. FalconView is the first development on a parcel Etkin Johnson purchased there in 2016 with plans to develop a mixed-use district.
FalconView was designed as a garden-style complex by Denver’s Oz Architecture. The community will include open space and has a low density rate of 15.1 dwelling units per acre. Completion is expected by the end of 2019.
The apartment market in Colorado Springs has gained strength along with the rest of the Front Range in recent years, with both the U.S. Air Force Academy and University of Colorado at Colorado Springs providing a steady stream of young people seeking places to live, as well as the U.S. Army’s Fort Carson, which is south of Colorado Springs in unincorporated El Paso County.
"There is a lot of demand for housing product. We need those housing opportunities to accommodate our growing population," said Tammy Fields, chief economic development officer for the Colorado Springs Chamber of Commerce. "The secret is out. Colorado Springs is slated to be the largest city in Colorado by 2050, so we’re going to continue to see a lot of growth."
Development in northern Colorado Springs, specifically around InterQuest and Briargate parkways, has picked up steam in recent years. Another mixed-use project, called InterQuest Marketplace, and the Great Wolf Lodge indoor water park were both completed in the last two years.
Etkin Johnson's plans for the remaining 50 acres of development are still underway. The land is zoned for mixed-use, allowing for potential retail, office and hotel uses.
Etkin Johnson also developed Retreat at Flatirons in Broomfield, which it sold to Invesco Real Estate in 2015 for $94.5 million. The company owns nearly 5 million square feet of real estate in Colorado.