DENVER — Arizona-based Caliber Development, a subsidiary of Caliber – The Wealth Development Company, and Westar Development, have acquired a 256-acre land parcel for mixed-use development in Johnstown, a rapidly growing city on Interstate 25 just 45 minutes north of Denver.
Ideally situated at the southeast corner of I-25 and the Freedom Parkway (Hwy Road 402), the planned project, currently called Villages at Johnstown, will transform the undeveloped land into a dynamic community boasting industrial, commercial (hotel, retail gas stations, office and medical) and residential development, appealing to businesses, residents and visitors. Caliber Development will serve as design-builder. The multi-faceted project marks Caliber’s regional expansion and first major new development outside of Arizona.
The multi-stage development plans to commence with an approx. 100-acre industrial park. The Colorado Department of Transportation is expanding the I-25 freeway infrastructure from 2 to 3 lanes in each direction. Once the highway improvement project is complete, the commercial and retail component will begin and address an assortment of uses including hotel, gas stations, office, entertainment and medical. The final phase is the residential component that will aim to satisfy the demand for moderate and middle-income multi-family housing and residential housing.
Leading the project for Caliber Development is Executive Vice President and Fund Manager, Roy Bade. “We’re thrilled to move forward with the Villages of Johnstown and collaborate with city officials to create a plan that will deliver an iconic community development.” He added, “We’re eager to begin integrating with residents and businesses to bring something truly special to the area and to generate returns for Caliber’s accredited investors.”
The land was purchased with Westar, in partnership with the Caliber Diversified Opportunity Fund II, LP (the “Fund”) that invests in “middle market” U.S. commercial real estate assets that can deliver attractive risk-adjusted return through a combination of current income and capital appreciation.
Chris Loeffler, CEO and Co-Founder of Caliber – The Wealth Development Company, said, “Caliber’s move into the fine state of Colorado fits our business plan to offer accredited investors access to hand selected projects in growth markets.” He added, “In acquiring these 256 acres and working hand in hand with Johnstown local government, the Colorado Department of Transportation, and stakeholders in the community, we intend to make a long-term commitment to Northern Colorado.”