A rendering of the 99-unit apartment community Confluence Companies plans in in Golden.

Golden will be getting its first major apartment community in 16 years.

Confluence Companies will break ground this Friday on an $18 million apartment community in Golden.

The 99-unit West 8th Apartments is the first major apartment community to be built in Golden since the mid-1990s.

On the western end of Eighth Street in downtown Golden, the community will provide a rental housing option currently unavailable in Golden, according to the company.

“West 8th Apartments addresses Golden’s Vision 2030 and Comprehensive Plan 2012 goals,” said Tim Walsh, president of Confluence Companies. “The plans call for higher-density development in downtown Golden to provide a walkable and bikeable community where residents can enjoy the outdoors and amenities of downtown Golden.”

Golden limits growth

To gain project approval, Confluence had to navigate Golden’s high barriers to entry.

The city has a controlled-growth program that restricts new residential development to one percent of Golden’s current housing stock, or about 82 building permits a year. Confluence “banked” permits from last year to achieve the density required for the community.

“As a result of this program, there are very few rental choices in Golden,” Walsh said. “West 8th will be a welcome addition to a market that currently has a 2.9 percent vacancy rate. Golden is an exceptional place to live, work and recreate; we are excited to bring additional housing to such a vibrant community.”

Designed by BOSS Architects, the project will be certified as LEED Silver to fully embracesustainable living. Using an indigenous Parfet clay brick, the buildings are designed to fit in with the surrounding mesas and historic Golden. The project offers a mix of one-, two- and three-bedroom units that average 1,027 square feet. Rents will start at $1,100 a month.

The stand-alone clubhouse will include a cyber café and lounge with fireplaces, fitness center, enclosed bike storage and bike maintenance area, a dog-wash room and an outdoor covered lounge with grilling stations and a firepit.

The Golden Urban Renewal Authority  helped pave the way for the development by providing tax increment financing. The financing helped to offset the cost of a portion of the public improvements and infrastructure required to improve a formerly blighted site. Insiderrealestatenews.com