New apartments nearly ready in Gypsum

Tag : gypsum
GYPSUM  The local real estate market may be soft right now, butthe way Bob Borchardt sees it, this is the perfect time to buildsome new apartments.

Borchardts company, Summit Forest Development, is a little morethan a month away from opening the Tower Plaza Suites apartments inGypsum. Unlike virtually every other apartment complex opened inthe valley over the last 20 years or so, Borchardts project is acompletely private project, with no involvement from localgovernment housing offices.

Thats what I do, Borchardt said.

And Borchardts no stranger to Gypsum. A builder in the valley formore than 20
years, Borchardt also built an office building across the streetfrom the apartments about eight years ago, and has held the landhes now building on for about as long.
Since theres not a lot of demand for commercial space in thevalley now, Borchardt late last year started talking to townofficials about perhaps re-zoning the land for some kind ofresidential project.

The town had talked to me about doing some deed-restrictedhousing, but I didnt want to go there, he said.

Borchardt instead proposed an apartment building and got his newzoning.

While the for-sale market is somewhere between slow and stalledright now, Borchardt said this might be the perfect time to buildapartments. For one thing, the valleys always-low apartmentvacancy rate was less than 1 percent recently. For another, peoplestill need places to live, whether they can qualify for a mortgageor not.

Despite the valleys dearth of rental units, Borchardt said itcould take a little time to get all 44 units leased. He plans to dobackground and credit checks on all potential renters.

The people who move into the new complex will find some touchesBorchardt hopes will provide a homey feel.

The units have nine-foot ceilings, the ground-floor two-bedroomunits all have small patios, and Borchardt said the buildingexceeds industry standards for noise insulation between units.

The building wont have an on-site office, but a manager will livein one of the units, and the complexs main doors will be lockedall the time and must be opened from the outside with a residentskey. Borchardt is also limiting the number of people who can livein a unit to two per bedroom.

And, tenants can bring certain kinds of pets  no cats are allowed,but most dog breeds are.

I always try to give people a nicer product, Borchardt said. Iwant people to have a nice environment to live in, and then theylltake better care of it.

Business Editor Scott N. Miller can be reached at 970-748-293 or smiller@vaildaily.com .