Dealin’ Doug purchases $5.25 million property in Windsor, I-25
May 2, 2015
"Dealin'" Doug Moreland purchased his second piece of land near the Colo. 392 and Interstate 25 interchange for $5.25 million this week.
Moreland's earlier 53-acre purchase this year sits directly north of this new, 60-acre plot of land at 8420 SE Frontage Road in Windsor.
While he describes himself more as an automobile dealer than a developer, Moreland said he hopes to use the first purchased area for a car dealership and the additional land for complementary retail and restaurant uses.
Mutual of Omaha Loan Pro, LLC sold the land to Moreland. Craig Hau, senior adviser with Sperry Van Ness/The Group Commercial LLC, brokered the transaction.
“ He’s a hard-working guy who was able to step up and pay cash. He’s really a good businessman.Craig HauSenior adviser with Sperry Van Ness/The Group Commercial LLC
Moreland financed the full $5.25 million sum with existing funds, meaning he did not require loans to complete the purchase.
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"He's a hard-working guy who was able to step up and pay cash," Hau said. "He's really a good businessman."
As Moreland recently closed on the property, he does not yet have a concrete vision for its future use.
"It just kind of made sense to acquire it so we have that whole big piece (along I-25)," he said.
Ideally, he said he would like to see an automobile dealership put in with other commercial businesses as the location would give customers easy access to maintenance and retail services.
However, an intergovernmental agreement between Fort Collins and Windsor prohibits dealerships near that interchange as part of the Corridor Activity Center established when the interchange was redone.
As part of the CAC, the municipalities agreed to certain design and use standards to preserve the quality of development and the consistency of uses on both sides of I-25, according to Windsor ordinance 2011-1402.
Moreland and his legal council will work with the municipalities to present the economic benefits of a potential dealership, he said.
"We're optimistic," Hau said.
Additionally, national auto brands such as Chrysler, Dodge and Jeep view the area and surrounding demographics as an ideal location, he said.
"I'm wide open to work with the city to hopefully figure out what the best use is for the land out there, whether I do it or someone else does it," Moreland said.