In today’s blog, we wanted to highlight an exciting new project for our Colorado team, the Elan Pikes Peak project. This multifamily project is our first project in Colorado Springs in quite a few years, and it’s a big one. When it’s finished, the project will be seven stories tall (5 over 2 podium) and have 321 units!
This exciting project began with a groundbreaking in May of 2021. Our team is working closely with our partners under the management of Greystar Construction Group on this incredible venture. With an overall projected budget of $96.1 million, this residential project will be the largest apartment complex in downtown Colorado Springs.
When finished, the project will feature 321 units in a mix of studio, 1-bedroom, and 2-bedroom apartments ranging in size from 480 to 1368 square feet. But these are no ordinary apartments. The goal of this complex is to bring luxury life to Colorado Springs. Each unit will be outfitted with smart home tech, including programmable thermostats, keyless entry, and high-efficiency lighting. Another exciting feature of the unit designs is that they’ve been designed to accommodate remote workers or students, as built-in desks are part of the unit features!
The project will also feature several exterior luxury features, including a pool, fitness courtyard, grilling area, spa, and Zen garden. Inside the complex, the interior amenities continue with a clubhouse, game room, fitness center, dog wash, and even a bike shop. Residents of this project will have access to almost everything they need! The location is fantastic as the project is near several Colorado Springs attractions and the local Interstate 25 for quick trips to Denver.
Our Colorado team is excited about this project. Not only is it one of the largest residential builds in Colorado Springs, but it’s going to transform the downtown area, which is growing fast. Many people are moving out of Denver and into Colorado Springs, so the demand for high-quality multifamily housing is growing. Bo Chapman, the managing director of development at Greystar, says of the project, “The current supply of high-quality residences in the urban center does not meet the demand of the growing population of motivated outdoor enthusiasts seeking the lifestyle Colorado Springs – and our new community – has to offer.”
Right now, the project is scheduled to finish in August 2023. Our team is hard at work to make sure we do our best to meet that deadline. So far, we’ve completed the underground, podium sleeves, and parking garage (with 368 parking spaces). Our plumbing team is now onto the rough plumbing for the residential units, including installing the hot water supply and hot and cold water risers for each unit!
The whole UMC team is so excited to see the work going into this unique project. We’re working with some fantastic partners and teams and returning to a market we haven’t been active in for several years in Colorado Springs. We hope to continue to develop our relationships with our partners on this project. Hopefully, this will be the first of many projects in Colorado Springs for the UMC team!
