Fri Jun 10th, 2016
The Southern Ute Drum
Categories: Top Stories
As Three Springs approaches its 10-year anniversary, development across the 682-acre site continues to take shape at substantial heights.
Since June 25, 2006, GF Properties Group, LLC, a subsidiary of the Southern Ute Indian Tribe’s Growth Fund, has seen Mercy Regional Medical Center open on 35 acres of donated and 25 acres of sold land. Over 280 residential units have been built along with 85,000 square feet of commercial / retail space, which is 98 percent leased in the Three Springs neighborhood.
Adjacent to Three Springs is “Three Springs Crossing” as it’s currently being called, located just off Highway 160. This property may feature a grocer, large or medium sized retailers, as well as space for local businesses that compliment the community’s ongoing progress. Three Springs Crossing is entitled to 256,000 square feet of commercial / retail space.
“We have lots of activity going on at Three Springs Crossing, and the intent of that is to become a shopping center that offers retail and commercial development opportunities. It’s separate but adjacent to Three Springs,” stated Kurt Prinslow, Planning Manager for the Growth Fund Real Estate Group. “Three Springs and Three Springs Crossing are long-term real estate investments that the Tribe has made through large financial commitments to date.”
“We don’t have anyone on the line right now, but we hope to get large-scale retailers for that parcel,” added Patrick Morrissey, Senior Vice President of the GF Properties Group (Regional Division). “Three Springs Crossing is a mixed-use development that’s an investment for Growth Fund Properties, which is the real estate arm of the Southern Ute Growth Fund.”
After 15 months of construction, the newly developed Confluence Apartments will feature 100 apartments and eventually 9 townhomes. The Confluence Apartments will be available to residents starting August 1. The apartments will feature ample kitchen cabinets, oversized windows, kitchen islands, and a balcony/patio. They will be offered a rental rate consistent with the Durango market.
Across from the Confluence Apartments is another area under construction, currently called Parcel “G”. Parcel “G” will feature 28 lots for homes and townhomes, the completion of Pioneer Avenue, and the creation of more mixed-use lots within the Mercado District of Three Springs.
After completion of development within Village 1 of Three Springs, planning and construction activities will progress to the next phase in Village 2. Village 2 will feature mostly a variety of residential housing with limited commercial retail space.
“Right now, all of Three Springs is entitled to 2,238 residential units,” stated Kurt Prinslow. “Three Springs is a long-term investment for the Southern Ute Indian Tribe where lot sales and office/apartment rents are money making investments for the Tribe. We’ve worked hard in helping to build a better community.”
Three Springs and Mercy Regional Medical Center will be hosting a special 10-year celebration on Saturday, June 25 and will feature live performances and activities at Three Springs Plaza, adjacent to Digs Restaurant.