We find ourselves in the middle of one of the greatest wealth transfer periods of all time. Those with wealth must decide whether they want to make transfers, and if they do, they must decide how much, to whom, when and in what structure?
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Two housing developments are under way in the area next to the former Agilent Technologies campus, and the developers are anticipating that the hundreds, if not thousands, of new jobs created by the project will help them find buyers.
Boulder Creek Builders will begin building homes in the Quarry Lake development, located along Taft Avenue between First Street and Carlisle Drive. Quarry Lake was formerly named The Quarry, and was originally developed by Loveland developer Jeryl Benner beginning in 2006.
The Great Recession hit the development hard, and Loveland-based Advantage Bank eventually foreclosed.
Boulder Creek Builders purchased the property in mid-2011 and has sold two homes so far, according to David Sinkey, principal at Boulder Creek Builders. Two more model homes are under construction and are expected to be ready for showing in April.
The development will eventually contain 20 patio-style homes with prices starting at $350,000, Sinkey said. He hopes to capitalize on the activity surrounding RMCIT, and is not concerned about any uncertainty about when the technology park might open and bring employees to the area.
“I believe Cumberland and Western’s investment (in RMCIT) is a positive economic indicator,” he said.
Glen Cos., a Loveland-based developer, is working on a project that initially began in 2009, a development near the intersection of 14th Street Southwest and Wilson Avenue, just two miles from the RMCIT campus. The location, according to Glen Cos. principal Scott Bray, is ideal for potential employees at the technology park.
Fifteen homes are completed in the Dakota Glen development and five are under construction. The development is about two-thirds complete, Bray said, with 62 of 205 lots completed. Dakota Glen homes will start at $395,000 and come in a variety of styles.
Bray believes the impact of the RMCIT will reach the rental market first, with new employees of the companies that locate on the campus renting homes while they get settled in their new job in a new city.
“In my opinion, people that are moving from 50 or 100 miles away will want to take their time finding a home they want to buy but won’t want to commute, so they’ll find rental space,” Bray said.
And then, once transplants get comfortable, the hope is that they will begin looking for a home of their own.