The developer of Green Valley Ranch is working on another project for entry-level buyers in Johnstown.
Oakwood Homes is developing Thompson River Ranch east of Interstate 25 about a half-mile north of Colorado 402. The project is a 680-acre master- planned community that will include a school, park, recreational center, Frisbee golf course and trails along a river.
Denver-based Oakwood is poised to capitalize on the area’s explosive growth.
“We look like geniuses,” said Chad Ellington, Oakwood’s project manager for land development. “We were able to buy it at a price that allows us to be very, very competitive on the prices of our houses.”
Oakwood is targeting first-time buyers and renters in Loveland and Fort Collins who have been unable to get into the market because of high prices.
Prices at Thompson River Ranch will range from the upper $100,000s for a 1,300-square- foot home to the upper $200,000s for a 2,761-square- foot home.
According to Fort Collins-based real estate firm The Group Inc., the average price of a single-family home in Loveland was $246,900, based on January sales. In Fort Collins, it was $284,147, and it was $345,150 in Windsor.
Master-planned communities have gained popularity up and down the Front Range, said Chad McWhinney, who’s developing Centerra, a 3,000-acre residential and commercial development at I-25 and U.S. 34 in Loveland.
“Customers really want to live in a resort,” McWhinney said. “You want really unique, special places that cater to their needs.”
More than 70 percent of businesses recently surveyed by the Northern Colorado Economic Development Council said they are planning to expand in the next three years. They plan to spend $430 million expanding their facilities, adding a total of 1.1 million square feet of space and creating 2,000 new jobs.
“In 2005, northern Colorado announced over $1 billion in new capital construction projects scheduled to be completed in 2006 and 2007,” said Jacob Castillo, director of business development for the Northern Colorado Economic Development Council.
Staff writer Margaret Jackson can be reached at 303-820-1473 or mjackson@denverpost.com.
Growth spurt
With more than 2 million square feet of commercial construction underway, the 8-square-mile area around Interstate 25 and U.S. 34 is the largest area of construction in the state. The projects include:
Centerra, a 3,000-acre residential and commercial development spanning I-25 north of U.S. 34 that includes the 570,000-square-foot Medical Center of the Rockies, 670,000-square-foot Promenade Shops at Centerra, a 103-suite Residence Inn and the Motorplex at Centerra automobile dealership center.
2534, a 540-acre development at the southeast corner of I-25 and U.S. 34 in Johnstown. Hartford Lane is developing 151 residential lots with homes ranging from $350,000 to $1 million.
The Plaza, a 550,000-square-foot retail center that includes an Ethan Allen store and Home State Bank, is scheduled to open early next year. The site also includes a health club, day spa and the North Colorado Rehabilitation Hospital.
Eagle Crossing, a 180-acre retail and office development at the northeast corner of I-25 and Crossroads Boulevard.
Crossroads Business Park, a 57-acre business park at the southeast corner of I-25 and Crossroads.
Embassy Suites, which will include a hotel with up to 275 rooms and an 80,000-square-foot convention center across from the Budweiser Events Center.
Thunder Mountain Harley-Davidson will add a 5,000-square-foot Hooters and Clear Channel’s 15,000-square-foot headquarters to its 20-acre site at the northwest corner of I-25 and Crossroads.
Source: Fort Collins-based The Group Inc.
