JOHNSTOWN — An Arizona real estate development, investment and management company is reviving a 256-acre project in Johnstown that had been stalled with the 2008 recession.
Scottsdale-based Caliber — The Wealth Development Co. and partner John Rosso of Westar Development have acquired a 256-acre parcel at the southeast quadrant of Interstate 25 and Colorado Highway 402. The company will build The Villages at Johnstown, a mixed-use project that will include industrial, commercial (hotel, retail gas stations, office and medical) and residential uses.
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The project will be led by Caliber executive vice president and fund manager Roy Bade. “We’re thrilled to move forward with the Villages of Johnstown and collaborate with city officials to create a plan that will deliver an iconic community development,” Bade said in a prepared statement.
The multi-stage development will begin with a 100-acre industrial park, timed to coincide with a Colorado Department of Transportation expansion of the interstate from two to three lanes in each direction. Once the interstate expansion is complete, Caliber will begin work on the commercial and retail component. Residential will constitute the final phase, providing moderate and middle-income multifamily and single-family housing.
“Caliber’s move into the fine state of Colorado fits our business plan to offer accredited investors access to hand selected projects in growth markets,” Caliber CEO Chris Loeffler said in a prepared statement. “In acquiring these 256 acres and working hand in hand with Johnstown local government, the Colorado Department of Transportation, and stakeholders in the community, we intend to make a long-term commitment to Northern Colorado.”