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HomeMy WebLinkAboutSANCTUARY WEST - PDP - 30-07 - MEDIA - (3)20 1 The Northern Colorado Business SANCTUARY, from 19 opportunity with Sanctuary West, an in - fill project proposed for a 26.6-acre par- cel just north of Poudre High School. Although much of the immediate area has been developed over the years, Veio and partners purchased two adjacent farm properties in 2003 and think the time is ripe to construct a development surrounded by open space, easily accessi- ble to schools and a five-minute drive from downtown Fort Collins. Veio said the development's location will be especially attractive to young families but also to empty nesters, young couples, retirees and anyone looking for a new home with limited resources. Fifty single-family homes — priced from $225,000 to $295,000 are planned for the subdivision along with 62 duplex units priced from $165,000 to $195,000. "We think it meets the criteria buyers are going to be looking for," Veio said. Sanctuary West is all about location, he noted. "Location is as important as the design of the home anymore," he said. "You can't find in -fill sites that are read- ily buildable. We were really fortunate because we bought this property about six years ago. You can't find anything like it today, especially on the west side of town." Possible September approval Sanctuary West has an approved development plan from the city, which is awaiting a final plan from Veio before construction can begin. Steve Olt, city planner, said the plan could be approved as early as September. "Really, we're just looking at final compliance because he has his develop- ment approval," he said. "It's really in Mr. Veio's ballpark right now." Olt said the proposed project is gen- erally accepted by the established neigh- borhood. "Does everyone like it? No," he said. "But it is zoned for this kind of use and density." Olt said Sanctuary West is the kind of project the city generally likes to see. "We're looking at a not -high -density, residential development with a signifi- cant detention pond," he said. "We think it is a good in -fill project." Veio said "it's possible" that the project could begin construction in the fall if final approval is received. Otherwise, it would likely not break ground until next spring. "We're probably going to select a local builder," he said. "We're interviewing builders right now." Veio's. company built Saddle Ridge subdivision at Overland Trail and Elizabeth Street about nine years ago. He said the Fort Collins market is generally considered a safe bet for homebuilding regardless of economic conditions. "We've studied Fort Collins for over 40 years and what we've found is when the economy goes into recession, Fort Collins is more resilient than most places. It comes back quicker and there isnt the same degree of job losses." Veio said he's been able to build "a team of large investors and lenders" to get the project rolling in an era when financing is tough to come by. "The demand curve in Fort Collins has always been under $300,000," he said. "Now that the big builders are gone, we know there's unmet demand out there and with the right price and features, people are going to step up. . www.ncbr.com I July 31-Auq.13, 2009 HABITAT, from s6A pie years, there's no shortage of people looking for the kind of help Habitat can offer. Some downturn benefits While the Fort Collins and Greeley organizations are feeling the economic pinch, Gwen Stephenson, executive director of the Loveland Habitat for Humanity, said the downturn has had some benefits, creating a buyer's market for land, for example. "The lots we just purchased were a fairly good value," she said. "Our strate- gy is to purchase when the cost is down and that's helped! Stephenson said the downturn has also produced a bounty of customers buying a variety of items from build- ing materials to used vehicles — from the Habitat's thrift store, which pays most of the organization's, overhead and leaves donations for home financing. "It really helps us to be self-sustain- ing, because when a person makes a donation it all goes 100 percent to Loveland Habitat, and our Restore helps to pay the overhead." Stephenson admits the Loveland affiliate has an advantage over other Habitats in the region. Its Restore loca- tion was purchased outright through a capital campaign and that's saved a lot of money for continued home building. "(The recession) has not slowed us down, mainly because we're self -sustain- ing, she said. "We've done very well the past year and we're planning to increase our capacity to build nine more houses in 2010.' This year, Loveland Habitat plans to "It's absolutely slowed down our building," Linda Akers, executive director Greeley Area Habitat for Humanity complete seven homes, she noted. Both Mayo and Akers are lamenting the loss this year of funding from the Colorado Housing and Finance Authority. CHFA announced in February that it would no longer be able to purchase mortgages from financing organizations like Habitat due to invest- ment losses in the market meltdown. "That's huge, about 30 percent of our funding," Akers said, adding that CFHA used to provide upfront cash that Habitats could use to help get projects started. Akers said because of the funding gap, the Greeley Habitat is focusing this year on rehabilitating foreclosed homes and making them available for purchase by qualifying families. Still, Akers said the Greeley affiliate is doing well in spite of the hard times. "We've had no foreclosures and we have no debt and money in the bank," she said. "We just have to get more cre- ative, just like everyone else. That's all there is to it.' July 31-Aug.13, 2009 I www.businessreportdaily.com REAL ESTATE & DEVELOPMENT The Northern Colorado Business Report 119 Sanctuary West fills in Northwest Fort Collins Builder sees pent-up demand for new affordable housing By Steve Porter sporter@ncbr.com FORT COLLINS — William Veio believes pent-up consumer demand exists for affordable new homes, follow- ing the exodus of big national builders from Northern Colorado in recent years. Veio, owner of Denver -based RMRI Realty and managing partner of Solitaire Homes LLC, is hoping to start construction soon on Sanctuary West, a 112-unit residential development in northwest Fort Collins. Veio said the economic downturn has resulted in most of the national homebuilders exiting the region, leaving local builders with a more open land- scape for their models. "When the national builders move out, it leaves the market to the local builders and they have an opportunity to do more projects," he said. "It creates a void in the marketplace and it takes three to five years for the big builders to come back." Veio's taking advantage of that See SANCTUARY, 20 Courtesy Solitaire Homes LLC 62 DUPLEXES - A total of 62 duplex units as shown in this graphic rendering - along with 50 single-family homes - are planned for the proposed Sanctuary West development. The duplexes all are designed with two -car garages and three bedrooms. A