Construction Underway at The Summit in Avon, Colorado
Civitas is excited to announce that construction has begun at The Summit, the 164-unit Class A multifamily community in downtown Avon, Colorado, being developed by Grand Peaks Development, an affiliate of Grand Peaks.
Crews have excavated a pre-existing underground parking access ramp that had been buried on the site for years. Its condition was unknown going in. It has now been uncovered and confirmed usable.
The ramp allows the existing underground parking to remain operational while the foundation for the new building is constructed, saving time and cost at the earliest stage of the schedule.
Congratulations to the construction team on this milestone!
The Summit will deliver 164 residential units, including 144 market-rate units and 20 affordable housing units, along with approximately 5,000 square feet of commercial space on an approximately 1.5-acre site at 130 West Beaver Creek Boulevard. The development will rise five to eight stories over two levels of below-grade parking in Avon’s town center, a three-minute walk from Beaver Creek Resort’s Riverfront Express gondola and a two-minute walk from the Avon Station bus stop.
Civitas closed a $104 million senior construction loan for the project in August and filed Form I-956F with United States Citizenship and Immigration Services on September 1. The Town of Avon has committed up to $11.84 million in public financing toward the development.
The Summit is Civitas’ sixth rural EB-5 project in Colorado. Civitas will publish construction updates for the project each month to prospects and investors, and job creation counts will begin appearing in future reports.
