Apartment construction underway in south Loveland

By Craig Young

Reporter-Herald Staff Writer

concrete slab foundation Monday at a new apartment complex under construction on" alt="Jaime Lupian with M&R Concrete, left, puts some finishing touches on a concrete slab foundation Monday at a new apartment complex under construction on" style="border: 0px;" />

Jaime Lupian with M&R Concrete, left, puts some finishing touches on a concrete slab foundation Monday at a new apartment complex under construction on the northeast corner of Southeast 14th Street and Lincoln Avenue in Loveland. The project, Pinyon Pointe, is directly west of Waterford Place Apartments, seen in the background. (Jenny Sparks / Loveland Reporter-Herald)

LOVELAND -- The residents of Waterford Place Apartments in south Loveland will be getting new neighbors by the end of the year as the first units in a new complex open.

Pinyon Pointe, a 166-apartment project at 451 SE 14th St. just west of Waterford Place, broke ground last November and will be moving its first tenants in by November or December, according to David Jaudes, vice president for multifamily development for McWhinney, the project's owner.

Although designated on city documents as Waterford Place Apartments Phase II, the new complex has no connection to the 128-unit affordable-housing apartments next door that were built in 2003, Jaudes said.

architectural rendering shows one of the three-story buildings under construction at Pinyon Pointe, a 166-unit apartment complex being built by" alt="This architectural rendering shows one of the three-story buildings under construction at Pinyon Pointe, a 166-unit apartment complex being built by" style="border: 0px;" />

This architectural rendering shows one of the three-story buildings under construction at Pinyon Pointe, a 166-unit apartment complex being built by McWhinney at 451 SE 14th St. in south Loveland. (Special to the Reporter-Herald)

The Cincinnati-based developer building Waterford was planning to construct a second phase with 166 more apartments but lost that property northeast of South Lincoln Avenue and Southeast 14th Street to foreclosure in 2004, according to Reporter-Herald records. McWhinney bought the 13-acre lot in 2006 for $1.4 million, county records show.

Pinyon Pointe apartments will rent at market rates, Jaudes said, and the complex won't contain any subsidized affordable-housing units.

"The intent of this project was to differentiate it from the existing Waterford apartments," he said. The only thing they will share is the entrance from Southeast 14th Street, he said.

Although the apartments will be built with "higher-end finishes in mind," it won't be as pricey as some of the luxury apartments McWhinney has built, Jaudes said.

"We're targeting the young urban professional and those looking to get in at a lower price point," he said.

Pinyon Pointe will have seven apartment buildings and a clubhouse, Jaudes said. The breakdown of apartments will be 22 percent studios, 43 percent one-bedroom, 29 percent two-bedroom and 6 percent three-bedroom. They will range in size from 549 square feet to 1,300 square feet.

Pinyon Pointe will have a clubhouse with fitness center, an outdoor pool and spa, a bocce ball court and a dog park, Jaudes said. The first apartments will be available in November or December, he said, and the project will be complete during the first quarter of 2018.

The Big Thompson River runs along the northeast corner of the property and forms the northern border of Waterford Place.

When the Loveland Planning Commission approved Waterford Place in 2002, some commissioners expressed concerns about allowing the project to be built in a flood fringe zone, but a city engineer said the developer had met the Federal Emergency Management Agency's and city's requirements for building in a 100-year flood plain.

When the Big Thompson flooded in 2013, the apartments were evacuated and some were inundated with floodwater.

Jaudes said the property for Pinyon Pointe was raised during site grading to remove it from the flood plain.

Craig Young: 970-635-3634, cyoung@reporter-herald.com, www.twitter.com/CraigYoungRH.