Real Estate: Dow Law Firm pursues 1031 exchanges

FORT COLLINS — Tim and Patty Dow of The Dow Law Firm LLC in Fort Collins have formed Northern Colorado Property Exchange Inc. to facilitate 1031 tax-deferred exchanges as an independent qualified third party intermediary.

The company is a separate entity from the law practice. It’s something the company has done for sometime, said owner/partner Timothy Dow, but hasn’t actively promoted until now.

As Dow explained, the region has seen a great deal of appreciation in real estate, and many investors looking to sell property face substantial gains subject to tax.

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“1031 exchanges are among the last good tax deferrals,” he said.

The 1031 exchange allows the seller to defer capital-gains taxes, if he or she exchanges the property for sale for another property of comparable value.

The Dow Firm has established Northern Colorado Property Inc. to serve as a qualified independent third party intermediary through which such transactions must pass.

“We’re not providing a legal service per se,” Dow said. “This company is just one corner of a three-cornered transaction.”

Michael Ehler, a commercial broker with The Group Inc., noted that the 1031 exchange process is very intricate and well-suited to a law firm well-versed in real estate law.

“So much of the real estate investment market is being driven by 1031 exchanges, and we see so many transactions being done this way, I’m not at all surprised to see more firms getting more involved in this very intricate process,” he said.

Capital Pacific expands holdings

Capital Pacific Homes of Colorado Inc., a division of Newport Beach-based Capital Pacific Holdings Inc. has acquired land parcels that will expand company operations into Windsor, Loveland, Longmont, Frederick, Aurora and Colorado Springs.

Everett Pfeiff, president of the Colorado division of the real estate investment and development company, said that the company now has six projects comprising 410 lots. Additionally, the division has options on another 291 lots and controls another 548 lots in the immediate vicinity.

City building goes “green”

The Neenan Co., OZ Architects and BHA Design have been selected to construct the new office building for the city of Fort Collins to be built across from the new Justice Center downtown.

The 70,000-square-foot building will serve as a “green” demonstration project featuring sustainable design that incorporates solar-powered site lighting, passive solar designed plazas, a Best Management Practices approach to water treatment and use of indigenous plant materials and design elements used to create a metaphorical Colorado landscape.

The building and surrounding plaza will tie into other parts of downtown, including the new Justice Center, said Bruce Hendee, president of BHA Design.

“This project will dovetail into the Civic Center Master Plan to create major outdoor spaces downtown,” he said. The project should be complete by early to mid 2001.

McStain making its mark on region

McStain Homes is making a name for itself in Northern Colorado. The Denver-based home builder has a large project under way in Windsor and another in Loveland.

In Windsor, the company is building at the Habitat Pointe and Mallard Cove neighborhoods in Water Valley. The 32-home Mallard Cove neighborhood features five floor plans base-priced starting at $220,000. And 28 homes in the Habitat Pointe neighborhood sit close to the highly touted Pelican Lakes golf course and start at about $300,000.

In Loveland, McStain will build on the McWhinney property at Interstate 25 and U.S. Highway 34. When it’s done, Rocky Mountain Village II will include 208 condominiums, 112 townhomes, 125 single-family homes and another 29 medium (moderately priced) single-family homes. In addition, McStain will place 600 manufactured homes in a master-plan community at the site. Site development will begin in the spring of 2000.

Helen Taylor can be reached at (970) 221-5400, (970) 356-1683, (800) 440-3506 or via e-mail at htaylor@ncbr.com. Her fax number is (970) 221-5432.