Colorado Real Estate Journal -
An upscale 240-unit apartment community is coming to the intersection of Interstate 25 and U.S. Highway 34 in Johnstown. Johnstown’s Town Council approved an amendment to the design guidelines for the 542- acre 2534 development, paving the way for The Spanos Corporation Inc. to break ground on the community early next year. The 10.47-acre site currently is owned by 2534 Investors LLC and 2534 Office Investors II LLC, entities affiliated with Chrisland Commercial Real Estate Inc. With Northern Colorado’s apartment vacancy rate under 3 percent, there is solid demand for new multifamily product. “The strength of the apartment market in combination with 2534’s central location near employers and retail services make this an ideal time and place to build a marketleading apartment community in Northern Colorado. We are excited to be a part of 2534 and the town of Johnstown, and we look forward to beginning construction in first quarter 2014,” said Alexandros Economou, Spanos Corp. regional vice president. Economou said Northern Colorado’s quality of life and growth are key to the project, which will be one of the “finest” apartment communities in the region. “It’s a quality of life story. It’s a really great place to live, and it attracts people. So we see a lot of growth in Northern Colorado, and we feel it’s just going to get better moving forward.” Kephardt is designing the community, which hasn’t been named. Located at the southeast corner of Thompson Parkway and Ronald Reagan Boulevard, its first units will be delivered in late 2014 or early 2015. It will be the only large-scale, luxury apartment community in Johnstown. “We are pleased to welcome A.G. Spanos, one of the most well-respected and largest developers of high-quality apartment communities in the United States, to the growing mix of uses at 2534,” said Johnstown Mayor Mark Romanowski. Chrisland Commercial President Ryan Schaefer said the apartments are a “catalyst” project that he expects will boost activity for existing businesses within 2534 and spur new activity. The commercial portion of the development currently includes 260,000 square feet of medical office, office and retail product. “The quality and the critical mass this project brings will create many positive reverberations throughout the 2534 area. This is the tip of the iceberg, and we look forward to adding many high-caliber retailers, restaurants and employers to the 2534 community in the coming months and years,” he said. Schaefer said activity within the development “is as good as it’s been since 2006.” “Activity is definitely on the upward flow. It really ranges the gamut of uses, from professional office, light industrial – certainly medical is an area that we continue to see – hotels and restaurants,” he said. Based in Stockton, Calif., the 50-year-old Spanos Corp. has developed more than 100,000 units across the country, including in Colorado.