Former Red Feather Ridge is on the market
Red Feather Ridge, the 132-acre subdivision Glenwood Springs voters shot down in a June 24 special election, is being offered for sale as a whole bird for $7.75 million.”This is a rather unique property,” said Charles Arnold, associate broker with the Denver-based Frederick Ross Co., which MidFirst Bank of Oklahoma City hired to sell the land. “It’s attractive because it’s in a rural setting, with nearby city amenities,” Arnold said.After June’s referendum election, in which Glenwood Springs residents voted 1,886-671 to reject annexation of Red Feather Ridge, property owner MidFirst Bank said it was considering whether to sell the project as individual lots or as one parcel.The subdivision, now known again as Four Mile Ranch, comes with 57 platted lots, paved roads, sidewalks, street signs, water and sewer service, Garfield County approval, views of Mount Sopris and an assortment of weeds.”Seldom do you see a subdivision like that put on the market,” said Richard Montrose, a broker for Mason & Morse.Arnold said the project will be marketed to “a wide spectrum of buyers,” including land development companies with home building divisions.”We hope to have it under contract and close on the property by the end of the year,” Arnold said.The property is co-listed with Sierra Commercial Real Estate of Colorado Springs.Frederick Ross Co. was founded in 1888, and is headquartered on 17th Street in downtown Denver. The firm has 175 brokers, consultants, asset managers and specialists. The firm is associated with ONCOR International, a worldwide real estate services organization with more than 2,000 brokers and property agents in 200 major commercial markets.The firm will advertise Four Mile Ranch through various avenues, including publications and real estate contacts it has developed over the years. “We know a lot of home builders and developers,” Arnold said.Arnold said he is also happy to work with qualified local real estate brokers.Arnold himself has sold Colorado mountain properties, including Eagle’s Nest, an 1,100-acre golf course community in Silverthorne.Dale Wheeler, the Sierra Commercial Real Estate broker associated with Arnold, served as Director of Corporate Real Estate for the Johns Manville Corp., and was responsible for developing the 10,000 acre Ken-Caryl Ranch community in Denver.Four Mile Ranch, located just south of Glenwood Springs on County Road 117, received Garfield County subdivision approval in 2000. In 2001, MidFirst Bank foreclosed on the property from developer Lester Colodny.MidFirst Bank spent much of the next two years redesigning the project to include 149 housing units, cemetery space and other amenities for Glenwood Springs. City Council voted to annex the project into the city limits, but voters overturned the decision.At the time of the election, MidFirst representative Guy Harrell said there was no “Plan C” for the property, and if the redesigned project failed, it would revert to 57 single family homes on individual lots. Most of the lots are approximately two acres in size.Contact Lynn Burton: 945-8515, ext. firstname.lastname@example.org
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