Investors buy 18 River Valley Ranch townhouse lots in Carbondale | PostIndependent.com

Investors buy 18 River Valley Ranch townhouse lots in Carbondale

John Colson
Post Independent Staff

CARBONDALE — A Texas based investment company has purchased 18 townhouse lots in River Valley Ranch, a high-end community at the southwestern edge of Carbondale, with plans to put up "18 mountain-contemporary residences on the golf course," according to a statement issued on Tuesday.

The company, Realty Capital Management LLC, is based in Texas and Aspen, according to the statement, which lists Richard Myers of Aspen as a managing director of the group.

According to Carbondale planner John Leybourne, the group has been working with the town for a year to come up with a workable project, which will be in front of the planning and zoning commission on Oct. 10. The proposal also will be subject to a hearing in front of the town Board of Trustees at a date that is not yet scheduled.

Although the original RVR plat called for townhomes in that portion of the community, Leybourne said, "They'll actually be building four-plexes," though Myers told the Post Independent that he plans to build three four-plexes and three duplexes, the same number as the townhomes plan.

"I think it makes for a better plan," Myers said, explaining that his configuration provides more space between buildings and more open space in general than the original plan.

Leybourne said that the development group bought the site for $1.38 million more than a year ago, with development approvals in place for a grouping of townhomes that never were built.

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Realty Capital Management approached the town about changing the approvals from townhomes to four-plexes, Leybourne said, which has involved an entirely new series of plans, hearings and plats to be submitted to the town.

According to the advance publicity about the proposed project, the "residences will range from approximately 2,400 square feet to 3,200 square feet, and feature three bedrooms and three and a half baths with natural wood floors, gourmet kitchens and large patios."

The prices for the homes, according to the statement, will run from $685,000 to $1 million.

"We are very excited about the opportunity to build the residences and offer them at an affordable price," remarked Myers in the statement.

The four-plexes have been designed by Red House Architecture of Glenwood Springs, and the construction financing for the project is through First Bank, also in Glenwood Springs, according to the statement.

Realty Capital reportedly was founded by Myers in 1987 and has been in the housing development business ever since. The group claims it has developed more than 3,500 residential units and more than a million square feet of commercial space in the Dallas/Fort Worth area, including previous houses at RVR, at The Lofts at Red Mountain in Glenwood Springs, and a hotel in Basalt.

jcolson@postindependent.com