TIMNATH – A pair of Fort Collins developers are planning a high-end, 388-acre housing subdivision on the north side of Timnath, part of a broad push to create new homes in the suddenly growing town.

Robert Bisetti and John Donaldson, partners in Majestic Investment Group, recently acquired the former Smith-Bassett Farm, located one mile east of Interstate 25 on the north side of Prospect Road, where they plan to build 363 homes.

The partners, who previously developed the 380-lot Rocksbury subdivision in Johnstown, have also set aside 14 acres at Serratoga Falls for a shopping center.  The commercial site targeted for the northeast corner of Prospect and Larimer County Road 5, could include a grocery store, Bisetti said.

Bisetti likens the shopping center plans to the size and scope of the Scotch Pines Shopping Center in Fort Collins.

Lots in the subdivision, called Serratoga Falls, will range in size from one-quarter acre to one-half acre. Lot prices have not been set, but Bisetti anticipates housing prices will start at  $400,000.  Majestic Investment Group will sell lots directly to builders.

“We think we’ll cater to a lot of local builders,” Bisetti said. “We’re developing a master builder program with quality builders who are interested.”

Amenities at the site include recreational rights on the Kitchell Reservoir, a 30-acre lake on the north side of the subdivision. Plans also call for 200 acres of open space,  a private clubhouse with swimming pool, tennis courts and basketball courts for Serratoga Falls residents. A trail system is also designed in the

The large lots are expected to draw buyers who can’t find similar lots in the larger cities of Northern Colorado, where housing density requirements limit lot sizes, Bisetti said.

“It fills a niche that can’t be met in some of the surrounding communities because of the densities,” he contended.

Homeowners will also have access to non-potable water for their landscaping needs.

As planned, lots should be ready for homebuilders by July 2006. On that basis, the first new homes at Serratoga Falls could be ready by spring of 2007. Bisetti and Donaldson anticipate the subdivision could be absorbed within seven years, once lots go on the market.

“We think there are enough people who want to live in the Fort Collins school district, who want to live close to the highway … and want to have amenities of a resort lifestyle,” Bisetti said.

Serratoga Falls is one of four subdivisions on the drawing board in Timnath, which would total about 1,500 homes if they were developed, said Becky Davidson, acting town administrator.

Other projects in store include Timnath Farms North, 400 lots; Timnath Farms South, 700 lots, and Timnath Ranch, 95 lots.