To: Honorable Mayor and Members of Town Council
Through: David L. Corliss, Town Manager
From: Tara Vargish, PE Director Development Services
Brad Boland, CICP, Long Range Project Manager
Title
Update: Residential Unit Data (through March 31, 2023) with Potential Buildout Estimates
Body
________________________________________________________________________________
Executive Summary
The purpose of this quarterly residential unit data update is to provide an overview of development activity and estimated population projections. This update includes data through the first quarter of 2023, ending on March 31, 2023. The data outlines the maximum zoning entitlements and growth areas approved by Council and provides an update on the pace of activity in each area of Town. The official recordation of the Dawson Trails PD occurred during this period, which added 1,003 new single family entitlements and subtracted 3,053 multi-family entitlements for a net reduction of 2,050 residential entitlements Town-wide. During the first quarter of 2023, there were 167 single family units and 126 multi-family units built, for an estimated increase of 760 new residents overall. The current estimates show an approximate population of 83,078 through March 31, 2023.
For this update staff performed an audit of platted lots within the Town. A few changes were made to certain developments to correct how plat amendments were counted. The most notable item to come out of the audit was that Villages at Castle Rock subdivision was being counted in both the Castle Oaks/Terrain Planned Development and the Founders Village Planned Development. This contributed to reduction in 129 units and 392 people from the previous update.
Previous to this update, multi-family units were not recorded as built until they received a certificate of occupancy. For many legitimate reasons, most multi-family buildings first receive a temporary certificate of occupancy (TCO) which allows residents to move in while other areas of the site are finalizing construction. As the project may operate under the TCO for several months, multi-family residential projects will now be counted in this report as built when TCO is received as it reflects the fact new residents have moved in.
Staff continues to update the potential realistic buildout estimates as more information becomes available, and updates them with each quarterly report. The potential high and low buildout calculations provide more realistic unit and population estimates to aid in planning for future Town resources
Attachments
Attachment A: Town of Castle Rock PD Zoning Map
Attachment B: Unit Data through March 31, 2023 with Potential Buildout Chart