Pat Ferrier

patferrier@coloradoan.com

Longmont-based Macy Development Co. broke ground recently on a $30 million luxury apartment complex at the corner of South Taft Avenue and Southwest 16th Street in Loveland.

The project, Bristol Point Apartment Homes, sits on 12 acres in southwest Loveland, east across Taft Avenue from the King Soopers shopping center and next to Walgreens.

The 220 units will be housed in 11 buildings ranging from 515-1,300 square feet and from studios to three-bedrooms. The complex will feature 9-foot ceilings, high-end finishes, 85 detached rentable garages and 338 open parking spaces, clubhouse, child wading and lap lane pool, fitness center, cybercafe, media room and conference center.

Macy Development has not said what the units might rent for, but Loveland's average rent at the end of March was $1,026. Like much of Northern Colorado, Loveland suffers from a shortage of rentals. Its vacancy rate was 2.3 percent, slightly higher than Fort Collins' 1.6 percent vacancy rate. Average rent in the city is $1,216.

Team Asset Management, which manages a 436-unit complex in Longmont for Macy, will also manage Bristol Pointe Apartment Homes.