Spring Valley Ranch wins time to complete downsized plan | PostIndependent.com

Spring Valley Ranch wins time to complete downsized plan

The new owners of the Spring Valley Ranch have won a year’s reprieve from Garfield County as they make plans for a downsized project.Garfield County commissioners on Monday granted a one-year extension to file a final plat for the 5,948-acre development in Spring Valley above Glenwood Springs.The delay comes as the new owners are preparing an amended proposal with one 18-hole golf course rather than two, and fewer houses.Spring Valley Ranch, formerly known as Chenoa, reportedly was sold late last year for $28 million. It has approvals for 577 homes, 20,000 square feet of commercial space and the two golf courses.Jim Lochhead, an attorney for Spring Valley Holdings LLC, said in an interview that he expects the revised plan will include a significant reduction in housing.The county had approved the preliminary plan and amendment to the Spring Valley Ranch planned unit development on Nov. 7, 2005. County zoning rules require an applicant to file a final plat within a year after approval of a PUD. However, it also allows developers to seek an extension before the one-year deadline arrives.Lochhead sought the extension because of the new owners’ intentions to amend their plan, and the time needed for the county to process its application for an amendment.He expects the revised plan to be completed in the next month or so. The developers have been meeting with Spring Valley residents and county planning staff about their plans.Spring Valley Holdings bought the project from Spring Valley Developers, whose principal partner is the Lehman Brothers investment banking company.The proposed downsizing wouldn’t be the first. The subdivision plan initially included plans for 2,750 homes and a 150,000-square-foot “village center,” as well as the golf courses.

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