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Verona council hears two competing plans for 2159 Range Trail; staff asked to return with density, traffic and transition options
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Summary
Fiduciary proposed a 329‑unit 'Reserve at Range Trail' emphasizing step‑down buildings and sustainability at ~$17,500 per unit; Cascade offered multiple density/price options (floor $6 million), greenhouse and community amenities. Council asked staff to return with comparative density scenarios, traffic impact concepts and neighborhood transition/
Two developers presented contrasting proposals for the city‑owned 20‑acre parcel at 2159 Range Trail and the Verona Common Council asked staff to return with comparative scenarios, traffic impact concepts and community‑transition options before selecting a preferred developer.
Tony DeRosa of Fiduciary Real Estate Development described the "Reserve At Range Trail," a 329‑unit community of apartments, townhomes and stacked flats designed with step‑down massing toward adjacent single‑family homes, 55% green space, dark‑sky lighting, EV chargers and energy‑efficient finishes. DeRosa said his firm’s offer used $17,500 per unit as the land value metric and highlighted the company’s Apex at Verona project, which he said is 91% leased.
Luke Stofficker, CEO of Cascade Development, presented a range of proposals and price points for the same parcel. Cascade’s package includes higher‑density options (four‑story buildings in some scenarios), a community greenhouse and habitat features, small neighborhood retail in limited areas, and a stated purchase‑price floor of $6 million tied to a minimum of roughly 325 units. Stofficker emphasized flexibility and said Cascade can scale density and amenities to match city direction.
Councilors probed both teams on vacancy rates, rent ranges, sustainability measures (solar, heat pumps), parking and what design changes might reduce impacts on the adjacent Cathedral Point neighborhood. DeRosa said his firm’s market study showed a ~3.9% vacancy rate in the local market and that Apex achieved rapid leasing; he gave sample rents from roughly $1,400 for small units to about $2,900 for larger three‑bedroom units. Stofficker offered similar market‑rate pricing ranges and stressed that some site features — underground or plaza‑deck parking and stormwater constraints — drive the financial tradeoffs when moving to taller buildings.
Mayor and staff emphasized legal constraints on tying zoning decisions to sale price: an offer to purchase will likely be conditioned on securing necessary approvals rather than contract zoning. Councilors asked staff to return in November with: (1) standardized low/medium/high density scenarios for both proposals and the resulting per‑unit land math, (2) a preliminary traffic‑impact outline (signal vs. other mitigations) for 350–500 units, and (3) suggested approaches for architectural and landscape transitions to the single‑family neighborhood.
The council did not select a winner Monday but signaled it will continue negotiations and public engagement while staff compiles the requested information.
