Apex Vista, Next Centerra of Northern Colorado

NAI Affinity
February 6, 2019

Nearly 1,000 acres of undeveloped land between Loveland and Greeley is on the market, being billed as "the next Centerra or 2534" master-planned community.

The parcel, all under one owner and for sale for nearly $19 million, has been annexed to Greeley but sits along the south side of U.S. Highway 34 and east of Colorado Highway 257. It is 5 miles east of Interstate 25 and 10 miles west of U.S. Highway 85 that cuts through the heart of Greeley.

The L-shaped site is owned by Apex Vista, a limited liability corporation formed earlier this month, according to the Weld County Assessor's office.

It's rare to find such a large tract under single ownership, said Jake Hallauer.

"Generally when you see a project the size of Centerra (in Loveland), Oakridge (in Fort Collins) or 2534 (in Johnstown), the master plan developer has to go out and purchase or option many different properties from ownership groups," he said. "It can be quite the ordeal and can take a ton of time and effort dealing with those groups."

The area is "at the epicenter" of the region's growth as Loveland grows to the east, Greeley grows west, Johnstown grows to the north and Windsor expands to the south, he said.

"This is a key intersection convenient to I-25 and 85," Hallauer said. "It's a really logical place for the next big mixed-use master planned community. This is a culmination of all that growth, and this intersection is where it's pushing toward."

Through an intergovernmental agreement between Greeley and Windsor, the southern half of the site is designed for residential while the northern section is slated for industrial, commercial, mixed use or multifamily construction.

When developed, it will become part of a rapidly growing area from I-25 to Greeley that includes projects like Scheels, High Country Beverage, the new UCHealth hospital near Greeley, Noble Energy and Promontory Business Park — home to State Farm and JBS — plus new hotels and a plethora of apartments and single-family homes.

Hallauer said we have had strong interest from potential developers since the property hit the market this month.

The state demographer's office predicts Greeley's population will more than double by 2050, with much of the growth coming on the west side of the city, he said. "This really is the next mixed-use master plan community that makes sense."

A mixed-use master planned community means a developer would map out a mix of uses for the area but build in phases, as McWhinney did with Centerra and Gerrard Development and Thompson Ranch Development did with 2534, a project just east of I-25 and U.S. 34.

Hallauer predicts homes would be built first, followed by retail space when there are enough rooftops to support the shopping.

Author: Pat Ferrier

Source: Coloradoan

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