WESTMINSTER, CO-Veteran developers are teaming up to build a 136-unit townhome project on the last large piece of ground in the 30-year-old Ranch housing community. The partnership developing the Ranch Creek Villas at West 120th Avenue and Federal Boulevard include principals from the Vintage Marketing Group and Loup Development.
The Ranch, one of the first projects in the metro area built around a golf course, features mostly custom and semi-custom homes. The Ranch Creek Villas will have a completed value approaching $25 million. Units are priced from $165,000 to $200,000.
The 12-acre site is the last large, undeveloped piece of ground in the Ranch, says Ron Wedgle, of Loup Development. Loup was the original developer of the Ranch in the early '70s, but later sold it to Phil Winn and Jim Nicholson. Nicholson now is the US Ambassador to the Vatican.
In addition, the new owners of the land donated seven adjacent acres to the city as open space.
The project is about a 10-minute drive from the Interlocken Business Center in Broomfield, home to the once-mighty Sun Microsystems, Level 3 and other high-tech and telecommunications companies.
But Wedgle says he's not worried about the recent bout of layoffs along the northwest corridor. When the project is completed in 18 months, the economy will be much stronger, he says.
Also, he expects Ranch Creek to appeal to empty nesters who live in big homes in the Ranch and other nearby communities who now want a smaller home.
The project includes a pool and a clubhouse and more than 50% of the exterior is stone.
”We also have unbelievable views of the mountains,” Wedgle tells GlobeSt.com.
Consultant S. Robert August, who was the marketing director for Winn and Nicholson in the '70s and '80s, is not involved with the project today. But August says they'll do extremely well.
”Mark Lawrence at Vintage Marketing knows how to market projects, and with every project it does, Loup just gets better,” August tells GlobeSt.com. ”They also have a great location and their price points are where the market is still strong.”
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