Elan Rio Grande class A property construction in Colorado begins

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Construction has started on the $83.1 million Elan Rio Grande class A property in Colorado Springs, Colorado. The project is developed by Greystar in addition to Origin Investments at 602 S. Wahsatch Ave.

The development features a total of 207 apartments. These include 57 studios, 109 one-bedrooms, 28 two-bedrooms, and 13 three-bedroom units with sizes ranging from 651 square feet to 1,622 square feet. Moreover, the six-story Elan Rio Grande class A building will have a few penthouse-style residences.

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Elan Rio Grande apartments will have natural materials and monochromatic wood accents. These will be designed as “natural luxe” by architect Meeks + Partners. The builder is Greystar Construction Group.

Additionally, Elan Rio Grande will also feature coworking space, a fitness center, a pool, sky lounges, and bike storage. Furthermore, the development will feature 15,000 square feet of additional space not to mention 207 parking places spread over a two-story structure.

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One hour south of Denver’s city center is where you’ll find Elan Rio Grande. Residents of the develop[emt will thus have access to both an urban downtown area and outdoor recreational opportunities. The U.S. Olympic Training Center and U.S. Olympic Museum, for example, are close by to the development.

Elan Rio Grande and other Greystar-Origin developments in the region

The Colorado Springs region has three Greystar-Origin developments. The Ensley, the Fiona, and the Elan Rio Grande are three assets that are all supported by TIF initiatives and situated in Opportunity Zones. Together they total more than 810 units with a combined construction value of more than $261 million.

The Elan Rio Grande building will be finished in the fall of 2024. The group intends to complete the two additional Colorado Springs projects in 2023.

Noteworthy, the joint venture projects between Greystar and Origin are located in a region with rapid growth similar to that of Denver ten to fifteen years ago. 52,000 new people have moved to Colorado Springs in the previous three years, while the local economy has generated 32,000 jobs.