Construction to Commence on Transit-Oriented Multifamily Project in Broomfield

BROOMFIELD, CO--(Marketwire - Oct 15, 2012) - Construction of a 297-unit apartment community at the southeast corner of Wadsworth Boulevard and 118^th Avenue is slated to begin today, developer Wood Partners announced this morning.

The three-story Alta Harvest Station Apartments is a gated community located on 13.75 acres. The 283,175-square-foot project is scheduled to be completed in February 2014.

"Our primary goal for this new multifamily community is to serve the nearby Interlocken/Broomfield business hub, where recent job growth has been strong," said Director Tim McEntee, who handles all Wood Partners' developments in the Rocky Mountain area. "Alta Harvest Station's residents will have access to a new pedestrian bridge over the Boulder turnpike, which will provide easy access to the 1STBANK Center and a variety of retail stores, offices and transit options, including the new six-lane 120^th overpass which directly accesses the site."

Wood Partners, one of the nation's largest multifamily developers, is modeling the project after its popular Alta Aspen Grove in Littleton, a 280-unit, garden-style, eco-friendly and transit-oriented community at 7317 S. Platte River Parkway.

Alta Harvest Station will consist of 13 buildings housing 175 one-bedroom units, 107 two-bedroom units and 15 three-bedroom units averaging 940 square feet. Covered staircases will provide access from the interior (front) and street-facing (rear) elevation, according to the Dallas-based architect, Womack + Hampton.

Plans call for 611 parking spaces and 145 private attached garages. The garages, incorporated within the first two floors of the buildings, will be accessed from within the development to minimize visibility from public streets.

The project includes 1.4 acres of public land dedication, part of which will be developed into a one-acre pocket park near Wadsworth and 118^th Avenue. Other common outdoor areas will include a resort pool, outdoor fireplace, great lawn courtyard, a dog park & wash, bicycle repair shop, and a plaza with seating and water features. Approximately half an acre will be dedicated for an urban trail along the east and south edges of the development connecting the planned future light rail stop and a pedestrian route to and from the RTD Regional Transit Station at W. 116th Avenue.

The resort-style private pool and clubhouse will be immediately east of the public park. Amenities will include a state-of-the-art fitness center equipped with free weights, cardio and strength machines, yoga and spin areas and a stretching area with flat-panel TV displays. Residents can also take advantage of Alta Harvest Station's yoga/serenity room and a Japanese meditation area, business/office center with wireless Internet, grilling area with flat-panel TV displays, dog wash and bicycle workshop.

Alta Harvest Station's stucco, cast stone and fiber-cement-siding exterior has a post modernistic urban theme, similar to existing buildings in the neighboring Arista development, according to the architect.

The project is expected to generate an estimated 362 local jobs, $23.46 million in local income and $2.46 million in taxes and other revenue for local governments, based on National Association of Home Builders calculations.

Annually recurring benefits are anticipated to be $6.8 million in local income, 95 jobs and $1.17 million in local taxes, based on NAHB estimates.

Wood Partners is the general contractor and Steve O'Dell of ARA is the broker.

About Wood Partners

Wood Partners is a national real estate company that acquires, develops, constructs and property manages high density and mixed-use communities. In 2011, it was ranked the nation's No. 1 multifamily developer with 3,750 unit starts. Through quality construction, responsible land development and intelligent design, our communities reflect the aesthetic and social fabric of the community and provide a luxurious living experience at a fair price. The company has been involved in the development of more than 40,000 homes with a combined value of more than $5.5 billion nationwide. Wood Partners has offices in 15 major markets nationwide including Atlanta, Baltimore, Boston, Charlotte, Dallas, Delray Beach, Denver, Houston, Newport Beach, Orlando, Phoenix, Raleigh-Durham, San Francisco, Seattle and Washington, D.C. To learn more about Wood Partners, please visit our Web site at www.woodpartners.com.