Real Estate & Construction  October 17, 2014

Recession in the rearview for 2534 project

JOHNSTOWN — Nearly 10 years ago the development known as 2534, on the southeast corner of Interstate 25 and Highway 34, was pitched as the “next hot address” in Northern Colorado. After suffering through the Great Recession, it’s starting to live up to its reputation.

“It’s wonderful to see activity pick up over the last year,” said Todd Williams, vice president of the Thompson Ranch Development Co., a major developer of 2534 working alongside developers Chrisland Commercial Real Estate Inc. and Gerrard  Development Corp.

Thompson Ranch struck deals with USA Liberty Arms LLC for an indoor/underground shooting range and Strategic Behavioral Health LLC’s hospital, both under construction, and Chrisland Commercial recently announced that the Gateway Apartments at 2534 also are under construction.

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Williams said Thompson Ranch still owns about 100 acres within the project area and has several deals in the pipeline, but “they are too premature to announce.”

Luxury apartments

The 254-unit Gateway Apartments luxury complex is being developed by Stockton, Calif.-based Spanos Corp., which paid Chrisland $3 million for the 10.5-acre apartment site.

Chrisland president Ryan Schaefer told BizWest recently, “The recession slowed the project down like it slowed most down. “We’re booming again though.”

Schaefer said 2534, is about 10 percent to 15 percent built-out, with a Bank of Colorado, Ethan Allen furniture store, Qdoba restaurant, Home State Bank, Kaiser Permanente, Bonefish Grill and Trek Bikes store among the commercial offerings already there.

Williams said the development will include about 4 million square feet of commercial space at a price tag of about $1 billion. That’s not including the 150 or so single-family homes at Thompson River Crossing that have been built as part of the project.

Schaefer said he expects that the Gateway Apartments, which will sit at the southwest corner of Thompson Parkway and Ronald Reagan Boulevard, will be completed within the next 18 months.

Behavioral health center

Memphis, Tenn.-based Strategic Behavioral Health’s 62,000-square-foot Clear View Behavioral Health hospital will have 92 beds offering both inpatient and outpatient services to seniors, adults and adolescents.

“Our team has recognized the need for inpatient and outpatient behavioral health services in Colorado, and we are excited to expand our reach to the northern part of the state,” said Jim Shaheen, president and chief executive of SBH. He said the hospital will bring about 250 new jobs to the area. The team at Clear View will consist of psychiatrists, psychologists, therapists and nurses. They will treat people who struggle with feelings of sadness, anxiety, grief/loss and personal

crises. The $16 million project cost is expected to be completed in the summer of 2015.

Indoor shooting range

Fort Collins-based USA Liberty Arms is building the Liberty Firearms Institute, a 100,000-square-foot retail and shooting facility on eight acres that it bought for $1 million.

The facility will have a 50,000-square-foot underground shooting range. Initial plans for the institute called for shooting areas of varying lengths to accommodate handguns, shotguns and rifles.

The facility was approved by the Johnstown Town Council over the protests of neighbors in Thompson Crossing subdivision who raised concerns about the scale of the project and potential noise and traffic impacts.

Project is expected to cost $15 million to $18 million.

JOHNSTOWN — Nearly 10 years ago the development known as 2534, on the southeast corner of Interstate 25 and Highway 34, was pitched as the “next hot address” in Northern Colorado. After suffering through the Great Recession, it’s starting to live up to its reputation.

“It’s wonderful to see activity pick up over the last year,” said Todd Williams, vice president of the Thompson Ranch Development Co., a major developer of 2534 working alongside developers Chrisland Commercial Real Estate Inc. and Gerrard  Development Corp.

Thompson Ranch struck deals with USA Liberty Arms LLC for an indoor/underground…

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