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Page 20 — Multifamily Properties Quarterly — May 2017
Community Spotlight
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W ith nearly $500 million in
new development already
underway or about to
break ground in Castle
Rock, the multifamily
housing market here is keeping a
steady pace. In order to provide homes
to a growing workforce that is find-
ing ample employment opportunities,
there are a variety of new multifamily
housing developments already under-
way in this 56,000-resident seat of
Douglas County.
The growth in Castle Rock and
Douglas County isn’t being ignored by
developers, who have their sights set
on building apartment and townhome
projects that will provide a range
of price points, from affordable to
million-dollar-plus luxury units. The
projects underway are creating plenty
of momentum, which is inviting even
more opportunities for commercial
and residential development in this
bustling and growing town.
Some of the larger multifamily proj-
ects are key elements of major mixed-
use developments that will call Castle
Rock home. One of these projects is
the $60 million Riverwalk, being devel-
oped by Confluence Cos., which will
include 228 apartments in addition
to 30,000 square feet of office space
and 10,000 sf of retail, located on two
blocks of downtown real estate. The
development will feature full under-
ground parking and will abut Festival
Park, an inviting urban amenity to the
residents. Access to Philip S. Miller
Park, a park that features 320 acres of
activity is a short bike ride away.
Mercantile Commons is another siz-
able mixed-use development, provid-
ing nearly 29,000 sf of combined resi-
dential, office and
retail space. Located
in downtown Castle
Rock, at 230 Third
Street, and adjacent
to Festival Park, the
development offers
studios, one-bed-
room and two-bed-
room apartments
and has spectacular
views from all sides.
Units have moved
quickly, proving
that this market is
ripe for this type of
product.
Just north of downtown Castle Rock,
Venue at The Promenade, a Class
A luxury apartment community by
Embry Partners is underway. Venue
will feature 312 units consisting of
one-, two- and three-bedroom floor
plans, designed with a contemporary
Colorado mountain lodge theme,
upgraded interior finishes, and inte-
rior and exterior amenities. Residents
will enjoy unique connectivity to over
1.5 million sf of adjacent walkable
retail via a terraced grand stairway.
The property also benefits from out-
standing western exposure to the
Rockies’ Front Range.
And while multifamily development
is keeping pace now, there is little
doubt that more will be needed in
the near future. Construction of other
developments throughout town are
providing office, industrial-flex and
warehouse space that the Castle Rock
commercial real estate market has
not seen in quite some time. Having
available space for growing compa-
nies has proven impactful as scores of
growing technology, pharmaceutical
and light manufacturing companies
are beginning to take residence in
these spaces.
Additionally, the $200 million shop-
ping center, The Promenade at Castle
Rock, is nearing completion, and a
$40 million Collaboration Campus is
planned on 14 acres in The Meadows.
The campus will include Arapahoe
Community College, Colorado State
University and the Douglas County
School District. All entities will work
together as educational partners to
create a smooth pathway from high
school diploma to associate’s degree
to bachelor’s degree. The Castle Rock
Town Council approved a $3 mil-
lion infrastructure reimbursement to
assist in the construction the Collabo-
ration Campus.
This educational infrastructure is
another step in our strategic plan to
create a great environment and work-
force pipeline for the attraction and
retention of primary employers. It will
have a significant impact as compa-
nies make location decisions – access
to an educated workforce and ongo-
ing training are critical to a long-term
sustainable and vibrant community.
Anticipated projects that include
additional office space, hospitality,
light industrial and medical office
buildings fill the development pipe-
have been something of a
secret for a long time, but with the
combination of hard work to create a
vibrant downtown, a growing employ-
ment base, a great location between
the Denver Tech Center and Colo-
rado Springs, and an increase in new
development, we have become a great
place for multifamily development.▲
Frank Gray
President and
CEO, Castle
Rock Economic
Development
Council
Craine Architecture
Riverwalk, a $60 million mixed-use project being developed by Confluence Cos., will include 228
apartments in addition to 30,000 square feet of office space and 10,000 sf of retail.