Arizona developer plans 256-acre Johnstown development
September 7, 2017
An Arizona-based developer plans to build its first out-of-state project in Johnstown at Interstate 25 and Colo. 402.
The 256-acre mixed use development called Villages at Johnstown is now in the hands of Caliber — The Wealth Development Company, a real estate investment, development and management firm, and project partner, John Rosso with Westar Development.
The development will include industrial, commercial and residential development. The multi-faceted project marks Caliber's regional expansion and first major new development outside of Arizona, according to news release from the company.
"We're thrilled to move forward with the Villages of Johnstown and collaborate with city officials to create a plan that will deliver an iconic community development," said Roy Bade, executive vice president and fund manager for Caliber Development, in the release. "We're eager to begin integrating with residents and businesses to bring something truly special to the area and to generate returns for Caliber's accredited investors."
The group plans to kick of the multi-use project with a 100-acre industrial park, according to the release. Once the Colorado Department of Transportation expands I-25 in that section to three lanes, the company will commence with commercial and retail development there, according to the release. That will include hotel, gas stations, office, entertainment and medical offices. The final phase will be the residential component, which will be primarily moderate and middle-income multi-family housing and residential housing, according to the release.
"In acquiring these 256 acres and working hand in hand with Johnstown local government, the Colorado Department of Transportation, and stakeholders in the community, we intend to make a long-term commitment to northern Colorado," said Chris Loeffler, CEO and co-founder of Caliber, in the release.
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The release did not detail the purchase price.