Company aims to finish abandoned project
By Chris Michlewicz
In mid-2008, construction activity near the Highlands Ranch Town Center was bustling as new town homes and condos were in the works.
But by the end of the year, the machines had stopped and half-finished buildings protruded from the ground.
The multi-family residential project by Fairfield Properties was abandoned in December that year, the victim of an economic collapse that dried up funding for new development.
The land east of Highlands Ranch Parkway and Ridgeline Boulevard remained untouched until a prominent Canadian builder arrived late last year and committed to finishing the project, now called Clocktower.
Cardel Lifestyles, a division of Cardel Homes, which has additional projects in the Denver and Tampa, Fla., areas, plans to invest roughly $70 million into what company officials see as a prime opportunity to offer sustainable housing in a growing location.
“We’re trying to be a lot wiser about what we’re bringing into the community. We’re trying to be responsible to not only area business and the community here at large, but we’re also trying to be mindful of pocketbooks,” said Mike Robbins, sales and marketing director for Cardel.
He predicts the final product will provide affordable living space for first-time homebuyers, those who are downsizing, retirees who want a vacation home, young couples and single parents.
The nearby Highlands Ranch Town Center has several amenities for future residents, such as the Tattered Cover book store, a Regional Transportation District bus stop, Lansdowne Arms Pub and Bistro and a grocery store. Residents will likely enjoy living near the Highlands Ranch Library and attending year-round events at Civic Green Park, Robbins said.
Cardel Lifestyles acquired $7.5 million worth of infrastructure installed by Fairfield, and later hired some of the same contractors that were left without work when the previous project was put on hold.
“We tried to reach out to some of those businesses that had done a lot of the heavy lifting and tried to keep them around,” he said.
Condominiums will range from 700-square-foot single unit, one-bedroom studios to two-bedroom, two-bathroom units up to 1,100 square-feet. The two- to three-bedroom town homes will range from 1,500-1,700 square-feet. In all, Cardel plans to build 96 town homes and 234 condominium units in phases within three years, bringing 600-700 new residents into the area.
With one town home building completed, the company hopes to get occupants in as soon as possible. Minor improvements to roads in the development will commence once warmer weather arrives, and construction on buildings will likely begin in the spring. A sales office is open and is receiving an increasing number of inquiries from potential buyers. The biggest challenge for those buyers will be securing financing for the town homes and condos.
Despite earlier concerns from neighbors that progress on the project would remain stagnant, Robbins said Cardel, a privately held cash company, is in it for the long haul.
“I know that people saw this start and stop, and I know that’s a concern for people,” he said, adding the Clocktower development will help the area become a vibrant and stable residential and retail hub for years to come.
But by the end of the year, the machines had stopped and half-finished buildings protruded from the ground.
The multi-family residential project by Fairfield Properties was abandoned in December that year, the victim of an economic collapse that dried up funding for new development.
The land east of Highlands Ranch Parkway and Ridgeline Boulevard remained untouched until a prominent Canadian builder arrived late last year and committed to finishing the project, now called Clocktower.
Cardel Lifestyles, a division of Cardel Homes, which has additional projects in the Denver and Tampa, Fla., areas, plans to invest roughly $70 million into what company officials see as a prime opportunity to offer sustainable housing in a growing location.
“We’re trying to be a lot wiser about what we’re bringing into the community. We’re trying to be responsible to not only area business and the community here at large, but we’re also trying to be mindful of pocketbooks,” said Mike Robbins, sales and marketing director for Cardel.
He predicts the final product will provide affordable living space for first-time homebuyers, those who are downsizing, retirees who want a vacation home, young couples and single parents.
The nearby Highlands Ranch Town Center has several amenities for future residents, such as the Tattered Cover book store, a Regional Transportation District bus stop, Lansdowne Arms Pub and Bistro and a grocery store. Residents will likely enjoy living near the Highlands Ranch Library and attending year-round events at Civic Green Park, Robbins said.
Cardel Lifestyles acquired $7.5 million worth of infrastructure installed by Fairfield, and later hired some of the same contractors that were left without work when the previous project was put on hold.
“We tried to reach out to some of those businesses that had done a lot of the heavy lifting and tried to keep them around,” he said.
Condominiums will range from 700-square-foot single unit, one-bedroom studios to two-bedroom, two-bathroom units up to 1,100 square-feet. The two- to three-bedroom town homes will range from 1,500-1,700 square-feet. In all, Cardel plans to build 96 town homes and 234 condominium units in phases within three years, bringing 600-700 new residents into the area.
With one town home building completed, the company hopes to get occupants in as soon as possible. Minor improvements to roads in the development will commence once warmer weather arrives, and construction on buildings will likely begin in the spring. A sales office is open and is receiving an increasing number of inquiries from potential buyers. The biggest challenge for those buyers will be securing financing for the town homes and condos.
Despite earlier concerns from neighbors that progress on the project would remain stagnant, Robbins said Cardel, a privately held cash company, is in it for the long haul.
“I know that people saw this start and stop, and I know that’s a concern for people,” he said, adding the Clocktower development will help the area become a vibrant and stable residential and retail hub for years to come.