With Charles Schwab’s acquisition of a prominent corner lot at Lincoln Avenue and Yosemite Street, only about 10 lots remain in RidgeGate’s West Village. Most could be developed for either commercial or residential uses.
“We thought it might be more like 15 to 20 years to get this West Village built out,” said Keith Simon, director of development for RidgeGate developer Coventry. “I think it’s really going to happen more in the 10- to 15-year range.”
The next largest remaining site surrounds the targeted future site of the Sky Ridge Medical Center light rail station. Developers envision “very dense, higher-rise buildings with structured parking,” according to Simon.
“We think we can accommodate close to a million square feet of office,” he said.
The West Village, west of Interstate 25 and south of Lincoln Avenue, accounts for one-third of the 3,500-acre RidgeGate property, and so far is home to about 1,000 residents. When the remaining four square miles east of Interstate 25 is built out, about 40,000 people will live in RidgeGate. Developers maintain buildout is decades away, but it hinges on a many factors.
Simon won’t hazard a guess when the east side will see its initial construction.
“Everything we do is market driven,” Simon said. “What it will really take is some type of fairly large commercial user to be able to support the kind of infrastructure that will be needed over there. Somebody could show up in the next two months looking for a corporate campus, or it could take two years.”
In anticipation of such development, Coventry’s starting down the often-long road to construct a wastewater treatment plant.
“The process for approval can take up to three years,” Simon said. “We’re going to start that this year.”
Meanwhile, projects in the West Village will keep Coventry busy.
The Hampton Inn recently opened at Lincoln and I-25, and construction of another hotel on property south of the Hampton is expected to begin later in 2013.
The Cabela’s at RidgeGate Parkway and I-25 likely will be completed in July or August, Simon said. That project includes several adjacent commercial lots with as-yet unnamed tenants.
Sky Ridge Medical Center’s $107 million, 17-month expansion breaks ground in March.
A handful of residential projects also are under construction, including the single-family Montecito neighborhood on RidgeGate Parkway west of Cabela’s, and Lincoln Avenue’s Vue Apartments, located across the street from Schwab’s future campus.
RidgeGate’s construction helps make Lone Tree one of the fastest-growing communities in the country.
“It’s remarkable how the development has continued to move forward even in one of the worst recessions in history,” Deputy City Manager Seth Hoffman said. “Cranes are the best measure of economic activity; that’s one easy way to say an area is doing well.”
Lone Tree’s construction cranes will be part of the city’s skyline well into the future.
“I think people are going to be pretty amazed over the next couple years how much construction is going on,” Simon said. “People that bought those homes in 2005, 2006 and 2007, aren’t feeling like they’re pioneering as much anymore.”