+/- 46 Acres | Planned for 360 Dwelling Units GDP Approval up to 8 Dwelling Units/Acre
LC Real Estate Group is pleased to present the opportunity to purchase +/- 46 acres for 360 residential dwelling units with general development plan approval, as part of the overall 1,300 unit master plan known as Ponderosa Ridge. The community is located on the northwest corner of Wilson Avenue and West 50th Street, and is a convenient drive to Fort Collins, the Harmony Corridor, Downtown Loveland, and the Highway 34 Corridor.
- The Seller is offering 280 dwelling units for sale on +/- 35 acres within the P1 Water Pressure Zone and 80 dwelling units for sale on +/- 11 acres within the P2 Water Pressure Zone.
- Site plan has vested density for up to 8 Dwelling Units per acre for townhome, paired home, attached patio home, 4+ plex, or detached units on 46 Acres.
- Easy entitlement process with administrative approval of Sketch Plat with neighborhood meeting and administrative approval of Final Plans with Planning & Zoning Hearing for severed mineral rights holders.
- Attractive raw water dedication requirement estimate of 0.3002 per townhome and 0.3428 per paired home and raw water cost of $12,308 per townhome and $14,057 per paired home based on conceptual site plan.
- Limited attached housing supply in growing Loveland-Berthoud submarket with average sold new home price of $387,000 in a 3-mile radius.
- Highly attractive Cash-In-Lieu building program allows for 100% Cash-In-Lieu raw water dedication at time of building permit for phased dedication by builder.
- City of Loveland water district has development friendly raw water policy and pricing that keeps Cash-In-Lieu water pricing stable and attractively priced, currently at $41,000 per acre foot.
- Ponderosa Ridge has excellent views of the mountains and highly visible marketing window on North Wilson Avenue. Developers and builders should be able to increase property values attributable to these views.
Build For Rent Opportunity:
- The State of Colorado is a growing build for rent market with new communities in Brighton, Commerce City, Thornton, and Aurora, and others in early planning stages.
- No build for rent projects in the immediate trade area creates an opportunity to establish a new home rental community in the market.
- Build for rent occupancy of 92% to 95% and strong average rents of $1.25/SF to $2.50/SF for established build for rent communities in Metropolitan Denver.