Red Feather property to be sold |

Red Feather property to be sold

Red Feather Ridge owner MidFirst Bank of Oklahoma City is working on a marketing plan to sell the 132-acre property, following Tuesday’s rejection by Glenwood Springs voters.

MidFirst representative Guy Harrell said his client hasn’t decided whether to sell the 57-lot subdivision parcel by parcel to individuals, or as a package deal to a developer.

“We haven’t focused on that yet. We spent the past two years on the other plan,” Harrell said from his cell phone at Denver International Airport Thursday afternoon.

The other plan, known as Red Feather Ridge, which Glenwood Springs voters rejected 1,886-671, would have increased density to 149 housing units and extended the city’s urban growth boundary to annex the subdivision into the city limits.

The subdivision, located a mile south of the intersection of Four Mile Road and South Midland Avenue, was first platted in unincorporated Garfield County in 2000 under the name Four Mile Ranch. It was divided into 58 two-acre lots.

One lot has since been sold to the city of Glenwood Springs for its new fire station.

The Garfield County Assessor has appraised the remaining 57 lots at $50,360 to $66,520 each. County officials use those values to set property taxes. Actual selling prices for the lots could be higher or lower than the county’s appraised values.

Garfield County Planner Mark Bean said the original developer completed all the subdivision improvements required to sell lots, and homesite owners could request building permits at any time.

Improvements include underground utilities and approximately one mile of paved streets that go by the names Four Mile Boulevard, Red Cliff Circle, Sunrise Court, and Maroon Drive. Sidewalks run along both sides of the streets, and many homesites have views of Mount Sopris.

The subdivision is connected to the city’s sewage treatment plant, but has its own water system and storage tank.

Harrell said he hopes to have a marketing plan together in a week or two.

MidFirst Bank, with corporate headquarters in Oklahoma City, Okla., foreclosed on the project from Four Mile Ranch developer Lester Colodny in 2001.

MidFirst has assets of $6.5 billion, according to its most recent annual report, and operates 39 banks and branch facilities in 24 Oklahoma towns and cities, including 12 in Oklahoma City and five in Tulsa.

Contact Lynn Burton: 945-8515, ext. 534

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