Construction has started on 70 new apartments in Three Springs.
FCI Constructors is building the expansion of the Confluence at Three Springs apartment complex and expects to finish in 2018, according to a news release.
The Growth Fund, owned by the Southern Ute Indian Tribe, is developing the subdivision. It will own the new units south of the four existing apartment buildings on Confluence Avenue near Three Springs Plaza.
The first 100 units of the complex opened in August, and they were leased by mid-September, said Tim Zink, a real estate portfolio manager in Three Springs.
“I’ve never seen anything lease like that before,” he said.
The expansion will include 48 one-bedroom apartments and 22 two-bedroom units. A wait-list will likely be set up before the units are finished, Zink said. Rent prices for the units have not been set.
The vision for Three Springs always included apartments, and there are other lots in Three Springs that could be used for more. But Zink said the company expects to finish these 70 units and then re-evaluate demand before building more.
Other proposed apartment projects in the city are expected to help with Durango’s housing shortage and shift demand.
“It’s going to be a competitive market, That’s why we wanted to bring phase two on now,” Zink said.
Residents of the Three Springs complex will move into the village center of Three Springs and be within walking distance of restaurants, a bank and an athletic club, which helps it stand apart from other projects, he said.