Savoy Apartments
A Legacy Partners Residential Development
Chuck Bailey–Former Senior Vice President
Hampden Ave. and South Dayton St.
Aurora, Colorado
Salient Facts
- Commencement: 1998
- Completion: 2002
- Type of Construction: Wood-frame both townhome and flats
- Total Development Cost: $45 million
- Total Units: 444
- Average Unit Size: 869 SF
- Cost Per Unit: $100,000
- Cost Per NSF: $115
- Site Size: 17.8 acres
- Density: 25 units per acre
Development Strategy
- The Savoy was the multi-family rental component of a 100 acre master planned development by Trammell Crow Commercial. Legacy was selected due to its ability to develop a product that met the new urbanism standards that was required by both the master developer and the City of Aurora.
- Legacy Partners was a major co-developer of the site with co-responsibility for administering and completing a $7 million infrastructure development budget for the 100 acre site.
- A variety of non-standard site development concepts were implemented to promote a higher density onsite such as minimal setbacks, reduced street widths and minimal open space requirements.
- South Emporia Street was designed and constructed to City standards and subsequently deeded to the City. South Emporia Street provides for parallel parking in front of select units at the LaSalle community, an unusual feature emulating the older, rowhome type of neighborhood that Savoy was designed to emulate
- The community was designed to attract a high-end resident profile with considerable exterior articulation, brick, and other nostalgic detail. In fact, there are only four separate building types onsite creating a very production oriented, cost conscious construction budget.
- Direct access garages and direct entries serve approximately 70% of the homes at the LaSalle phase of the development. The homes at the LaSalle were designed to emulate “for sale” product with townhome type layouts, multiple decks in select homes, open floor plans with island kitchens, etc.
- The project was completed on budget during a period when construction costs were escalating in excess of a half of a percent per month.