The Ridge - Johnstown, CO
SCOPE OF WORK: Development, Design/Build Construction
Name: The Ridge at Johnstown
45 minutes North of Denver
30 minutes South of Fort Collins
Partnership with Town of Johnstown and CDOT
Value at Completion: $70,000,000
Asset Plan: Develop & Sell Parcels
Purchase Price: $5,000,000*
Recent Land Valuation: $38,313,790**
Total Projected Costs: $33,000,000***
266 Acres zoned for Mixed-Use - Retail, Industrial, Commercial, Multi Family and Single Family
In 2017, Caliber purchased 256 acres of land on the I-25 corridor in Colorado located between the two main east-west interstates which dissect the United States. With the ability to provide the commercial zones with access to over 100 acres of freeway exposure, combined with the development friendly community of Johnstown, the Ridge at Johnstown has a significant return profile. J-25’s goal is to develop the infrastructure and sell portions of the land to other developers and also to our affiliated companies within a five-year period to maximize the returns and minimize the risk to the Fund of owning land over a long term.
2018 has been a successful year with several important milestones reached for the project in Johnstown, Colorado. We purchased an additional 10 acres to improve the site’s visibility and continuity from the main highway (“J-25”) and completed the sale of the right-of-way for the new state-owned access road. We have entered into contracts to sell the single-family lots to homebuilders once infrastructure is complete. We are discussing the sale of commercial lots with several potential end-users. In 2019 we will mass grade the entire site, improve the single-family lots and close on the sale of the lots. We are also exploring the possibility of Caliber performing some additional development activities. This is a supplement to the Caliber Diversified Opportunity Fund II, LP 2018 Annual Report.
Aspen View Homes, Bridgewater Homes and Dream Finders have all purchased lots on the property for Single Family Development. Caliber is working closely with Johnstown Fire to use a portion of the land for a new Fire Department in lieu of paying fire impact fees.
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