PARKER, Colo. — Construction has started on Ponderosa Pines, a 204-unit affordable apartment community in Parker that its developer has been working on for five years.
Ulysses Development Group, known as UDG, held a groundbreaking Sept. 30 with the Douglas County Housing Partnership, state officials and community members. The project is expected to be finished in late 2028.
The project
Ponderosa Pines is at 6010 Pinery Center Blvd., near the northwest corner of Scott Avenue and Parker Road.
- 204 apartments in six residential buildings, plus a clubhouse
- Rents for households earning an average of 60% of area median income
- One- to three-bedroom units, according to the developer and county records
- A pool, fitness center, clubhouse, business center and children's play areas
- In-unit washers and dryers and energy-efficient stainless-steel appliances
The developer also committed to public improvements tied to the project. They include a three-acre public park with trail access, an extension of Pinery Center Boulevard, stabilization of the Cherry Creek riverbank and an extension of a CORE Electric feeder line, according to the Douglas County News-Press.
UDG hasn't named a general contractor or architect.
How it's financed
Ponderosa Pines is a 4% low-income housing tax credit project. Under that federal program, tax-exempt private activity bonds must cover at least 25% of a project's eligible costs, which in turn qualifies the project for the 4% credits.
- Up to $50 million in private activity bonds issued by the Douglas County Housing Partnership, which also serves as special limited partner
- Federal 4% low-income housing tax credits
- Proposition 123 resources from the state's voter-approved affordable housing fund
- Recycled private activity bonds
- Other public and private financing
UDG says the financing closed in September. Total development cost hasn't been disclosed.
The Douglas County Board of Commissioners approved the bond issue at a required federal public hearing on Aug. 25. County staff noted the approval was only for federal tax purposes and that neither the county nor the housing partnership is liable for repaying the bonds.
"This is needed in our community," Commission Chair George Teal said at the hearing.
What they said
Maria Ciano, executive director of the Douglas County Housing Partnership, said: "These 204 new homes will expand attainable housing opportunities for Douglas County's workforce."
State Sen. Lisa Frizell said "housing affordability is one of the top issues for Coloradans."
UDG Vice President Ahmed Abdelhameed noted that the project took five years. "Standing here today, with all of you who helped make this possible, is truly meaningful," he said.
Rare affordable housing in Douglas County
Analysis: Income-restricted rental housing is relatively scarce in Douglas County, one of the state's higher-income counties and a place where single-family homes dominate.
Ponderosa Pines is UDG's latest Front Range tax-credit community. The developer also has Harvest Hill under construction in Broomfield and completed The Meadowmark in Castle Rock, also in Douglas County, in 2025.
Why it matters for contractors
Analysis: Six buildings and a clubhouse, plus a road extension, a public park, riverbank work and a power line extension, add up to a sizable package of vertical and horizontal work in the Parker area over the next two years.
The financing structure matters too. Bond-and-4%-credit deals like this one tend to have fixed budgets set at closing, which means tight cost control and close attention to change orders. Prop 123 money can come with its own reporting requirements.
With the general contractor not yet named publicly, subcontractors interested in the work should watch for permit filings and bid invitations as the project moves from site work into vertical construction.