RidgeGate Development Forges Ahead With Residential Construction
RidgeGate, the 3,500-acre master-planned development that has played a major role in reshaping Denver’s southern suburbs, has successfully jumped the interstate, developing residences on the east side of I-25 after more than 20 years of development on the west side of the thoroughfare.
Coventry Development Corp., the master developer of RidgeGate, kicked off work in 2001 on its mammoth project in Lone Tree, and momentum continues today, with the completion of several residential projects expected by the end of the year.
“We’ve turned our attention to the east side of I-25, and momentum has exceeded our expectations," Coventry Executive Vice President and Director of Development Keith Simon told Bisnow.
Novus, a new apartment building, is located near the Sky Ridge Station along three of the Regional Transportation District’s light rail lines. With 240 units, Novus adds another rental option for the thousands of employees who work in the area, Simon said.
“It’s come together really nicely as a complete community with walkability, access to transit,” Simon said, adding that the mix of homes and commercial uses makes RidgeGate a self-sustaining community within the town of Lone Tree.
In addition to Novus, single-family homes are on the way to the eastern side of RidgeGate. Shea Homes last year purchased land for a new subdivision called Lyric at RidgeGate, the first phase of which will bring 430 new homes to a market dealing with record-low inventory of homes available for sale.
Affordable apartments are also on tap. Local developer Koelbel & Co. broke ground last year on a project that will bring 67 income-restricted units for people making between 30% and 80% of the area median income.
Right now, RidgeGate is home to about 6,000 people and 10,000 work at the businesses located there. It’s also the site of several major retailers, including Cabela’s, which is something of a regional destination for outdoor enthusiasts.
Another large national retailer is under contract for the last available site in the western half of RidgeGate, near Cabela’s, Simon said, although he did not name the company, which will be new to Colorado. Coventry is also working on a joint venture to develop a grocery-anchored retail center expected to break ground next year.
The site is also popular with major employers looking to build large new corporate campuses.
Financial services company Charles Schwab in 2014 opened a 650K SF office park for 1,900 of its area employees, with room to expand on an adjacent 47 acres that it owns. More recently, construction company Kiewit opened its new headquarters building on 17 acres.
Another large employer that has yet to be disclosed is under contract to establish an office in the Lone Tree City Center, which sits at the eastern edge of RidgeGate, according to Simon.
“We are excited for the next chapter at RidgeGate and believe 2022 will be a transformative year,” he said.