The community will comprise a combination of condominiums and townhomes. Credit: Lokal Homes/PRNewswire.

Lokal Homes has announced the commencement of works on a new housing project within the master-planned community of Lyric at RidgeGate in Lone Tree, Colorado, US.

The company, with City of Lone Tree officials, broke ground on this new project.

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Lokal will be part of a group of developers working on Lyric, a mixed-use community aiming to bring urban appeal to Lone Tree.

Lokal employees, Lyric representatives, and government officials, including Lone Tree mayor Jackie Millet, took part in the ground-breaking ceremony.

The development will comprise a combination of condominiums and townhomes, with sales commencing in mid-2024.

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The project will feature 190 two- to three-bedroom condominiums and 80 two- to three-bedroom townhomes.

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Amenities offered at the site will include a fitness area, pool, and restaurant.

The cost of a Lokal home in Lyric is estimated to be half the average purchase price of current choices in the neighbouring housing market.

Millet said: “Lone Tree is an amazing city, and we are blessed with so many wonderful things. Yet, as with the rest of the Denver metro area, we face two major challenges: homeownership and home affordability.

“With this project – the first condo development in the city in nearly 15 years – Lokal Homes is helping Lone Tree residents tackle both of those obstacles.”

In October this year, Lokal opened four new model homes at Stonegate in Parker and Gateway Commons in Denver.

Upon completion, these two communities will offer 290 for-sale condominiums to address the need for attainable housing in Colorado.