GREELEY — McWhinney Real Estate Services Inc. has signed an agreement with the city to develop a 298-unit multifamily project on vacant land near the Centerplace shopping center and Greeley West High School.
The agreement was signed Dec. 15. According to Weld County property records, McWhinney closed its purchase of the land last week for $5.5 million. The parcel is bounded by Greeley West Park to the north, 38th Avenue to the east and 42nd Street to the west.
McWhinney first submitted documents to Greeley planners in July 2020.
The units will be distributed across 11 buildings on the 12-acre parcel. Units will range in size from 450-square-foot studios to 1,542-square-foot three-bedroom options.
The development agreement includes provisions for access to the property for public safety, a contribution of $1,835 per acre by the owner to the Greeley West Regional Detention Pond, construction of off-site trail accesses, reimbursement by the city for oversizing of public infrastructure mains and other requirements.
A McWhinney entity, MMF Greeley Centerplace Investments LLC, also recently raised $26.7 million in equity, according to a Form D filed with the U.S. Securities and Exchange Commission. The funds were raised from 43 investors, with $50,000 as the minimum investment.
Representatives for McWhinney did not respond to requests for comment about the project or the fundraiser.