Sanctuary West fills in Northwest Fort Collins

FORT COLLINS – William Veio believes pent-up consumer demand exists for affordable new homes, following 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 landscape for their models.

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“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 opportunity with Sanctuary West, an in-fill project proposed for a 26.6-acre parcel 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 accessible 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 readily 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 development approval,” he said. “It’s really in Mr. Veio’s ballpark right now.”

Olt said the proposed project is generally accepted by the established neighborhood. “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 significant 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 isn’t 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.