Real Estate & Construction May 3, 2021 7:34:01 pm

Builder buys Dillon Point site for $22.25M

By Lucas High

BROOMFIELD — Residential real estate developer Wonderland Homes last month closed on a deal that gives the builder control of a parcel of land at Dillon Road and Aspen Street in Broomfield where a new neighborhood is planned.

Broomfield real estate records show that the company, through an entity called GH Colorado LLC controlled by Wonderland parent Gehan Homes Ltd., bought the roughly 60-acre parcel for $22.25 million from Aspen Street Land LLC, a family group that has been trying for several years to develop the site.

Wonderland took over the site in mid-April and has “begun horizontal development for an approved [planned unit development] consisting of 314 lots over six different segments,” Wonderland general manager Kolby O’Herron told BizWest in an email.

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The project also includes an attainable housing element to be sold at a discount to buyers who earn less than 80% of the area median income, a small commercial area and community park.

Aspen Street Land, led by Ryan and James Aweida, developed the concept for a residential community called Dillon Point but ran into criticism from neighbors during Broomfield’s approval process. Concerns related to increased density and traffic, insufficient open space and the potential for taller buildings to block neighboring communities’ mountain views.

Aspen Street Land is no longer involved in the development, O’Herron said.

“We just want to make sure we do this right, and we’re here for the long term,” he said during a Broomfield City Council hearing.

Greenwood Village-based Wonderland Homes was bought this year by Gehan Homes, a Dallas-based company with communities in Texas and Arizona. The Wonderland deal, terms of which were not disclosed, marks Gehan’s entry into the Denver area residential market.

“Wonderland Homes’ roots date back to 1966. In those 55 years, we sold and closed approximately 3,000 homes,” Wonderland Homes president Steve Phua said in a February news release announcing the acquisition. “Throughout our history, providing our customers with the best experience possible has always been our focus. In joining the Gehan Homes team, we believe Wonderland Homes will realize its full potential in our ongoing effort to be the builder of choice throughout the Front Range. We are proud that Gehan Homes has put its trust in our team and look forward to our new relationship together.”

Wonderland homes have been built in a number of local neighborhoods in the Boulder Valley and Northern Colorado such as Timnath’s Trailside on Harmony community, Windsor’s RainDance and Broomfield’s Quail Hollow.