Construction company buys 1,800-acre Colorado Development
A partnership led by two brothers, his own construction company in Colorado Springs bought most of 1800 hectares of Regency Park development in the memorial for $ 2.9 million.
Jackson Creek Land Co. Limited Liability Monday purchased 1050 hectares in developing non-controlled trust James Higby, whose family had operated a ranch in the region for over 100 years.
The partnership is headed by Tom and Tim Phelan, owner of Colorado Structures Inc., and Robert Oldach, president of Oldach Wood Windows & Doors.
$ 2.9 million The purchase price amounts to only 20 percent of $ 14.7 million, Tucson, Arizona-based Regency Group Inc. paid for the property in 1986.
Three other large stores sales are likely in the coming months. The Resolution Trust Corp. tried to sell the 4,368 acres he owns in the Briargate development, the forest of 1,395 hectares of lakes and development, it owns 1,300 hectares in the Northgate development before the closure of its offices in Denver on March 31.
“We grew up in this area and we see this project as a good opportunity for long-term,” said Tom Phelan. “But we are going to him slowly. We believe it takes 25 to 40 years. ”
Phelan said Regency Park is well positioned between the Gleneagle Wood marshes and developments, two of the most popular in northern housing projects-El Paso County, for a significant share of the population of apartment growth. The project may contain more than 2500 homes and 7.3 million square meters of industrial land in the context of development programmes today.
The brothers Phelan plan to begin the development of a batch of 100 sub-division south-east in terms of development, near Gleneagle boundary of the project, at some point during the next year. Tom Phelan, said they plan to change the name of development Jackson Creek, which runs the property market and as an economical alternative to luxury developments in the vicinity.
It was not only the development is Phelans an agreement with the Obligationären in the metropolitan district Triview for a hat on the territory of the tax, now the highest in El Paso County. The delay in the district of nearly four years to $ 4.95 million in bonds used to construct a sewage treatment plant in the project.
Pete Susemihl, prosecutor for the district, said a file is Triview municipal bankruptcy as soon as the agreement, probably before the end of the year, it may at restructuring their loans and taxes.
The rights of exclusion Higby confidence in 1050 hectares in the year 1992, the group Regency behind a debt of $ 6.28 million loan allowed on trust, when he sells the property in 1984. Another 384 hectares in the project along Interstate 25 and Highway Baptist as part of a dispute between Hong Kong and investors in the group, under the regency on the ownership of the property.
Structures Colorado Colorado’s rank 12nd largest construction company last year, specializes in retail projects for Safeway Inc., Wal-Mart Stores Inc. and other chains.
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