The 412 high-end properties at the Cornerstone project on the Uncompahgre Plateau west of Montrose are not for everyone.
One of two finished homes in the community is listed at just under $3 million for 4,587 square feet on 1.3 acres. It backs up to the sixth fairway of a spectacular Greg Norman -designed championship golf course.
“That will set the tone for us in terms of what we want to do in the future,” said Frank Lambert, owner of Premier Homes of Colorado, talking about his speculative home overlooking the course.
Premier is one of several companies building or planning to build in the development, which sits at 9,000 feet with views of Horsefly Mesa to the west and the San Juan Mountains to the south. So far, 57 lots have been sold.
Widening its reach
The golf course, which opened in June, is the linchpin of the 6,000-acre Cornerstone project. But the developers also are marketing horseback riding, hiking and biking trails, fly fishing and wintertime activities such as cross-country skiing.
The homes are to be constructed in one of three settings: the resort village with quarter- to three-quarter-acre parcels that flank the clubhouse; on estates of up to 18 acres, many nestled among aspen and fronting the golf course; or on ranch homesteads, which can be 100-acre spreads.
“It really appeals to a nice, wide diverse group of people,” said Brad Willett, Cornerstone’s director of sales.
Buyers of property at Cornerstone hail from Texas, Arizona, California, Florida, New York and even China. Several residents of Telluride, which is a 45-minute drive to the south, also have purchased lots.
Betty Lundgren, the assistant marketing director, said Cornerstone is in the same class as other Western resort developments such as Pronghorn in Bend, Ore., or the Yellowstone Club in Montana.
Hunt Realty Investments, a subsidiary of Hunt Oil Co. in Dallas, has poured more than $100 million into Cornerstone so far, including paved roads, water lines, irrigation ponds, high-speed Internet lines, facilities to recycle wastewater and a geothermal exchange system to heat the clubhouse.
“In terms of us being 15 miles from Montrose and being able to deliver these kind of services is a huge investment commitment,” said Larry Corson, senior vice president of Hunt Realty Investments.
Cornerstone employs 110 workers in the summer and about 30 in the winter. That includes six professional caddies available to help members improve their golf games.
In Sports Illustrated calendar
The course is just under 8,000 yards from the back tee boxes.
The fairways are wide and have good approaches to the greens, with a goal of making it a fun course for all playing levels. The 22-acre practice range is designed to replicate every shot on the course.
The No. 10 hole will be featured in Sports Illustrated’s golf calendar in 2010, according to Willett.
On a sun-baked morning in mid-September, a four-point buck in velvet stood camouflaged in the brush in a gully between the 10th tee and the green. A red-tailed hawk circled the fairway.
The development is split between Montrose and Ouray counties so both county governments are involved in permitting and oversight.
Gary Ellis, chairman of the Montrose County board of commissioners, said the county has requirements in place with Cornerstone to mitigate impacts, especially on roads leading to the site.
“If development occurs — sale of lots or average daily traffic — there is a mechanism in place that requires offsite improvements,” he said.
He said the people at Cornerstone have been good to work with, “very professional.” He said they’ve developed a comprehensive wildlife-management plan, have dedicated wide swaths to open space and are trying to be good stewards of the land.
Right now, Ellis said, the down economy appears to have affected sales at Cornerstone.
“I’m sure they didn’t anticipate it being this slow,” he said.
But nobody tied to the project seems worried.
“They have no debt and all this infrastructure in and a golf course,” said Lambert. “Having the financial backing of the Hunt Brothers is key.”
He said he expects construction to start next year on six to 12 houses and twice that many in 2010.
Steve McMillan: 303-954-1695 or smcmillan@denverpost.com
