Watermark at Broomfield (Project Withdrawn)

THIS IS A FORMAL DEVELOPMENT REVIEW APPLICATION FOR A FOR-RENT, MARKET-RATE 360-UNIT APARTMENT COMPLEX WITH A PUBLIC PARK. 

Location: Southeast of Indiana Street and State Highway 128

Project Type: Development Review Application for a PUD, Site Development Plan, and a Final Plat

Project Description: The proposal includes a 7.5-acre public park and a 360-unit apartment complex that will offer on-lot parking and garages. Units are proposed at the following ratio:

• 132 One-Bedroom
• 180 Two-Bedroom
• 48 Three-Bedroom

Parking will be offered via 683 spaces - 558 standard surface on-lot spaces and 125 garage spaces.

To view the full submittal please download the formal development review packet found under the document library tab.

Property Owner/Applicant:  Pensco Trust Company/Thompson Thrift

APPLICABLE CITY AND COUNTY OF BROOMFIELD PLANS

Relationship to Comprehensive Plan: The Broomfield Comprehensive Plan designation for the site is “Residential”, which allows for multifamily or single-family attached or detached residential uses. 

Goals and Policies - The proposed project would help meet the following Comprehensive Plan goal:

• Goal LU-C: Residential Neighborhoods: "Continue to encourage and support a community of neighborhoods containing a variety of housing types, while maintaining existing single-family areas of Broomfield."

Income-Aligned Housing Obligation: This residential development is required to provide 20% of the residential units on-site as income-aligned rental units at 80% of the area median income (AMI) or meet this obligation via a cash-in-lieu payment. Since this development is proposing 330 rental units, this will require 66 income-aligned units to be provided on-site. However, the applicant is opting to meet the income-aligned housing obligation via cash in lieu.

Key Issue: Staff has identified the following potential key issues with this proposed development:

• Distance from services: the site is approximately 2,000 feet from existing infrastructure related to water and sewer services, and is approximately five miles from the nearest school. 
  

Next Steps: Referral agencies and Planning staff are currently reviewing the formal development application for a PUD, final plat, and site development plan. After the applicant has sufficiently addressed review comments, this application will be scheduled for public hearings.