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The project is the second of two apartment complexes planned by the company in the growing town in Weld County. Earlier this year, the town approved a 232-unit complex that will be owned and built by M. Timm Development Inc., which is based in Santa Barbara, Calif.
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Under the entity Milan E. Timm Revocable Living Trust, the company purchased 6.25 acres at Cimarron Pointe for $875,000 from the Nottingham Family Trust for the 264-unit project, according to public records.
The property is west of the existing Cimarron Pointe condominiums.
John Larson, director of properties for M. Timm Development, said the site has been approved for 264 apartments, but the company is still negotiating with the town of Firestone on impact fees for water use before starting construction.
“We would like to build it sooner, rather than later,” Larson said. “But the fees are steep and twice as high for the water that will be used.”
Firestone’s town manager Wesley LaVanchy said the town is analyzing data presented last week by M. Timm Development on its projected water use for this project.
“Our codes for impact fees and water dedication are based on single-family home use,” LaVanchy explained. “We haven’t had a lot of apartments built in Firestone, up until now. We need to look at multifamily water use. In some cases in could be higher, and it some cases it could be lower.”
LaVanchy said M. Timm Development also is preparing to build a 232-unit apartment complex called Firestone Meadows within the town limits that was approved early this year. LaVanchy said the water dedications were built into the sale price of that property.
Firestone receives its water through the Colorado-Big Thompson Project, Central Weld County Water District and some from the Lefthand Water District.
M. Timm Development has designed and built apartment complexes since 1983 in several western states. It has three in Northern Colorado – Grandview Meadows Apartments in Longmont, Crescent Cove Apartments in Evans and Thompson Valley Apartments in Loveland.
Bill Reilly of Sperry Van Ness/The Group Commercial LLC listed the property, and Larson represented M. Timm Development in the land deal.