Kyle Mills/Post Independent
With construction well underway — and quite visible on the West Glenwood landscape — real estate developer Richmark Holdings plans to open Six Canyon Apartments in Glenwood Springs by fall of 2019.
The multifamily development resides where the former Terra Vista Motel and Bayou restaurant once did, sandwiched between Highway 6 and 24 and Donegan Road.
Richmark Vice President Tyler Richardson said the new apartment complex would feature 116 one- and two-bedroom units within two four-story buildings.
“The two buildings are connected by a walkway. It is a pretty simple connection between the two buildings over a parking garage,” Richardson said of the enclosed skyway that’s being constructed.
Richardson said that 48 percent of the units are to be one-bedroom, and the remainder will be two-bedroom apartment units.
Six Canyon Apartments will not include a pool, but is to include a roof deck for tenants to enjoy.
“It is a community gathering space. It will have a barbeque grill and seating area,” Richardson described of the roof deck. “It is a place for the community members to congregate and hang out.”
Additionally, units come equipped with a washer and dryer as well as standard air conditioning.
Richardson said that Six Canyon Apartments will begin accepting applications from prospective tenants in the early fall and will open shortly thereafter.
Although Richardson did not say what rents would look like at this point, he said that they would compare similarly to those found at another new apartment complex in town — the Lofts at Red Mountain located in the Glenwood Meadows.
“They are all market-rate, for-rent apartments very similar to the newer product that was just built in town, the Lofts,” Richardson explained. “We would be in the same category as that project.”
According to loftsatredmountain.com, one-bedroom, one-bath units range in price from $1,700 to $2,000 a month. Additionally, two-bedroom, two-bath units at the Lofts range from $2,400 to $2,900 a month.
“That would be the comparable, probably most reliable market rate comp today,” Richardson said. “We would probably fall in line near or at where their rents are, depending on where the market is at the time that we open our doors.”
Six Canyon Apartments does not include income-restricted rental units, though it an other new residential developers in town do have the option of seeking certain fee waivers from the city in exchange for a percentage of income-based rental units.
“It is not income-restricted. It is just market rate,” Richardson said. “They are not condominiums, so they won’t ever be for sale as individual units. They will only be rentals.”
The Richmark family of companies includes Mineral Resources, CAP Energy and numerous real estate investments throughout the western United States.
Among its local holdings is the Best Western Antlers Hotel, located not far from the new apartments in north Glenwood Springs.
Richmark has been a family-operated business since 1961.
“The Six Canyon development will be conveniently located near public transit, the Glenwood Meadows Shopping Center and a number of restaurants,” a recent marketing press release added. “… As well as outdoor attractions such as Glenwood Caverns Adventure Park, the Red Mountain Trail, Glenwood Canyon, Mount Sopris and popular area hot springs.