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Ultra’s dry wells leave future of Banning Lewis…
Monday, May 18th 2026

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Ultra’s dry wells leave future of Banning Lewis Ranch up in air

Oakwood Homes has purchased 2,600 acres of the 21,000-acre Banning Lewis Ranch. The Denver Post reported in 2019 that the Banning Lewis Metropolitan District No. 4 issued more than $9.4 million in bonds to start development. Records show its developer, Oakwood Homes, which also controls the metro district board that issued the bonds, has an interest in $1.9 million of junior bonds with an expected payday of more than $10 million.
Oakwood Homes has purchased 2,600 acres of the 21,000-acre Banning Lewis Ranch. The Denver Post reported in 2019 that the Banning Lewis Metropolitan District No. 4 issued more than $9.4 million in bonds to start development. Records show its developer, Oakwood Homes, which also controls the metro district board that issued the bonds, has an interest in $1.9 million of junior bonds with an expected payday of more than $10 million.
By | The Gazette
PUBLISHED: | UPDATED:
Getting your player ready...

COLORADO SPRINGS — Colorado Springs has changed significantly since the city annexed the massive Banning Lewis Ranch a quarter-century ago.

One thing hasn’t changed: The fate of the ranch itself remains a giant question mark.

Since it was annexed by the Springs in summer 1988, the ranch of more than 21,000 acres has gone through multiple owners. Little of the residential and commercial development envisioned for the property has occurred.

After one set of owners filed for Chapter 11 bankruptcy protection in 2010, the 18,000-acre lion’s share of the property was purchased at auction by Houston-based Ultra Resources.

Read more of the article at Gazette.com.

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