Myles Richards of Rifle Investment and Development Co. has sold 547.3 acres of land newly annexed into the city of Rifle for $35 million.
Richards, who purchased the property in 2005 and 2006, secured approvals to build 1,494 single-family and multifamily workforce housing units before selling the property to Bryce’s Valley Holdings LLC. The site also is approved for 110,000 square feet of retail space.
The site is framed on its eastern and western edges by the Purkey Mesa and Graham Mesa, respectively. It’s bordered on the west by Colorado 13 and on the south by County Road 291.
As an energy boom takes hold of the Colorado River Valley, speculation by real-estate buyers and sellers is driving housing prices so high that they threaten to oust the teachers, police and firefighters who anchor communities.
“While the rest of the nation is experiencing a downturn in housing starts, Rifle and the surrounding Garfield County continue to see growing demand,” Richards said in a statement. “Bryce’s Valley has been conceived and designed to meet that demand.”
Margaret Jackson: 303-954-1473 or mjackson@denverpost.com
