JOHNSTOWN — Encore HoldCo LLC, a holding company affiliated with developer CaliberCos. Inc., has purchased a roughly 133-acre parcel in Johnstown where it plans to build its second master-planned community in the area.
Caliber, an Arizona-based real estate investment firm and developer, is in the process of building The Ridge,a 165-acre mixed-use development in Johnstown at Interstate 25 and Freedom Parkway.
The newly purchased land, located near the intersection of Highway 34 and I-25, was acquired from Westar Development LLC for $5.8 million. Jake Hallauer and Ryan Schaefer of NAI Affinity brokered the deal.
The new development will be called Encore and is expected to include sites for commercial users, entertainment, education, multi-family, and single-family residential.
“We see Encore as being a natural extension of the tremendous nearby development activity at 2534 and Centerra. In addition, it adds to the approximately 380 acres currently in our Northern Colorado portfolio.” Caliber CEO Roy Bade said in a prepared statement.
Caliber is currently working its way through Johnstown’s planning process and hopes to break ground on Encore by next summer, Schaefer told BizWest.
“As 2534 and Centerra continue to build out, there continues to be great regional demand in this corridor and The Ridge and Encore are fulfilling that [demand],” Schaefer said. “We have users and buyers coming to us regularly looking for sites, and we can’t accommodate them because we don’t have large enough sites left or sites that are appropriately zone for specific uses. Caliber is really capitalizing on a lot of momentum.”
© 2021 BizWest Media LLC