To: Honorable Mayor and Members of Town Council
Through: David L. Corliss, Town Manager
From: Tara Vargish, PE, Director, Development Services
Brad Boland, AICP, Long Range Project Manager
Title
Update: Residential Unit Data (through June 30, 2022) with Potential Buildout Estimates
Body
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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 second quarter of 2022, ending on June 30, 2022. 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 current estimates show an approximate population of 79,760 through June 30, 2022, which is an increase of about 891 persons from the previous quarter. There were 293 additional single family and 0 multi-family homes receiving certificates of occupancy within the second quarter of 2022 as compared to the previous quarter. During this review, staff conducted a detailed reconciliation of the entitlements approved throughout the Town’s history, and slight corrections have been made in some areas. One area cleaned up includes Promenade, which now correctly shows an additional 53 units of multi-family that had received Certificates of Occupancy in 2018, resulting in an addition of 106 persons to the total population estimate. Staff has also updated the potential buildout estimates. The potential high and low buildout calculations provide more realistic unit and population estimates to aid in planning for future Town resources.
Findings
The data shows that the Comprehensive Master Plan adopted in 1999 and updated in 2002 and in 2017, was on track with projections that the Town may grow to an estimated 86,000 to 159,000 residents. The Town’s current data, through June 30, 2022, is estimating a maximum zoned/entitled population of 144,271 residents. On average, given the amount of land available for development, the likelihood of the larger planned developments reaching the maximum density allowed through entitlements is low because there are a larger number of entitled units remaining than available land to build those units. Potential buildout analysis estimates a more realistic buildout population of 113,000 to 125,000 persons.
The Town of Castle Rock is an attractive community to live, work and play in, and we expect it will continue to attract residential and commercial growth for many years to come.
Attachments
Attachment A: Town of Castle Rock PD Zoning Map
Attachment B: Unit Data through June 30, 2022 with Potential Buildout Chart