New Town Center apartments expected to be completed by fall

The affordable apartments will be limited to seniors

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A new "active adult" apartment building in the Highlands Ranch Town Center is expected to be completed and ready for move-in by August.

The Shea Properties project, which began about a year and a half ago, is a collaboration with the Douglas County Housing Partnership. The Audrey will be limited to residents over 55 years of age who qualify for the affordable housing rental rate.

“We’re providing an affordable home for people that, under normal circumstances, income wouldn’t allow them to live there,” said Peter Culshaw, executive vice president of Shea Properties.

The rental rate for the properties, which will be calculated by the Colorado Housing and Finance Authority, will be approximately two-thirds of the area's market rate, Culshaw said. There will be 134 units, including studio apartments, one-bedroom apartments and two-bedroom apartments.

In a group of similar affordable apartments from Shea Properties, called the Apex Meridian, rent for a one-bedroom apartment is currently set by CHFA at $1,053 and for a two-bedroom apartment it's $1,252. These rates are likely to change before The Audrey opens.

Eligible applicants for the complex will have an income that is not more than 60% of the area's median income. In Douglas County, that meant $42,000 for a one-person household and $48,000 for a two-person household in 2020. These rates are adjusted every year, but the 2021 figures have not yet been released.

“We think there’s an enormous demand, people are really, really receptive to this,” he said.

The apartments, located at the corner of Dorchester Street and South Ridgeline Boulevard near Civic Green Park, will have a clubhouse, exercise room, outdoor grills and other amenities.

“It’s a great location for this,” Culshaw said. “It’s opposite the park, right next to the library, it has an RTD bus terminal, you can walk to grocery stores and you can walk to retail and restaurants.”

So far, the apartment complex has several hundred people on its interest list, he said. Sometime before the apartments are completed, those on the interest list will have the opportunity to sign up for the wait list, which will be used to determine who becomes a resident.

“We’re encouraged by the number of people who have contacted us,” he said.

Those who wish to do so can join the interest list by visiting livetheaudrey.com.

Shea Properties will determine who is eligible under the age and income restrictions and then make the decisions on a first-come, first-serve basis.

Other similar Shea Property developments have put programs in place aimed at helping neighbors get to know each other.

“Community is very important to us and this will be no different,” he said.

In the next month or so, the exterior of the building is expected to be completed, leaving only interior and mechanical work. 

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