Vacant fields no more — west Greeley projects are developing

GREELEY — A couple of months after official approvals and groundbreaking, houses are going up quickly at the new west Greeley subdivisions, and commercial sites are starting to get snapped up.

So far, Journey Homes has begun work on 49 homes, and four already are under contract. Another four are under contract in the Lake Bluff subdivision, where another handful of homes have gone up in recent months. Two Rivers Marketplace to the south of them also is starting to heat up after infrastructure work was recently completed.

In October, the Greeley City Council signed off on creating eight metropolitan districts to cover the on- and off-site infrastructure costs of the 161-acre Union Colony West subdivision that is planned for 350 single-family homes, 850 multifamily units, and 12 acres (348,000 square feet) of commercial space. Developers quickly moved into home construction after they completed the infrastructure.

“We got the first phase 1A completed, and we’ve started 49 units,” said Larry Buckendorf, partner and general counsel for Journey Homes. “That’s our program, it moves pretty quick, it’s incredibly efficient, so we did 49 all at one time. The first house is scheduled to be completed Jan. 31.

While there are four subdivisions lining U.S. 34 from 83rd Avenue west to Colorado Highway 257 along 10th Street (aka U.S. Highway 34), not much has been coming out of the ground after subdivision approvals in recent years. Union Colony West stretches from 83rd to 89th Avenue; The Cache stretches from 89th to 95th Avenue; Lake Bluff stretches from 95th  to 101st Avenue; and Poudre Heights captures the remainder.

Besides Union Colony West, Lake Bluff has a small block of homes that have quietly gone up. The 146-acre Lake Bluff development is using Meritage Homes as its initial builder, with four homes already sold with prices ranging from $417,000 to $518,000, according to the Meritage website.

According to the Journey Homes website, Union Colony West “offers a blend of modern living and community-oriented features, making it an attractive option for everyone.”

“There’s two series we have out there, from 1,208 square feet up to 1,800, and we have our legacy series from 1,400 to 2,300 square feet,” Buckendorf said. “So the whole series, pricing is anywhere from $450,000-$515,000.”

Prior to the election, a lot of construction had slowed as interest rates were high and construction costs also remained high. Buckendorf said there are some expectations that interest rates will go down this quarter.

“The reality is we’ve got to keep the business operation moving, so we’re still taking some discounts we wouldn’t otherwise, given the current market conditions,” Buckendorf said. “I don’t know that construction costs have dramatically changed. Interest rates have come down a bit, but we anticipate they’ll be better in the first quarter of 2025.”

The good news is that “there’s some decent pent-up demand for the Greeley market,” Buckendorf said.

At Union Colony West, there also is a planned 10-acre park to be located off of 83rd Avenue.

“We intend to start development come this spring, and that will be a beautiful buffer,” Buckendorf said. “Moving forward on 10th Street, we have additional multifamily planned and commercial at the intersection. I think it will be a good community that will be within walking distance to amenities when the commercial takes hold.”

Buckendorf recently filed paperwork with the City of Greeley to put up 169 multifamily units called Prairie Hawk Apartments on 10 acres at Union Colony West, plus 12 acres of commercial development at the south corner of the property.

Directly south across 10th Street, earth and infrastructure work has been completed at Two Rivers Marketplace. Owner and developer John Stephens has planned the 29-acre development as a commercial center. 

“Our under-contract auto parts store has been great to work with, and we have a (letter of intent) with a national convenience store now as well,” Stephens said in email response to questions. “We have had several anchor grocers circling with one considering a 3-acre interior lot and another most interested in possibly taking Lot 5.  We’re having discussions with a number of fast-food restaurants, coffee shops, and a developer with three separate possible end users is also interested.”

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