640 acres of pristine Col For Sale

640-Acre Subdivision in
Johnstown/Milliken Colorado


Potential Sale and Costs

640 acres currently annexed, and zoned into the city of Milliken CO

The current plat is approved but not recorded and shows 436 lots ranging from about 1/2 acre to 2 acres. It will be re-plated and total over 1200 lots with the planed retirement community added in. A conservative estimated retail value is $72,000,000. This is based on lot sale average of $60,000 per lot.

The City has given the ok for a high density Retirement Community. After the initial plat is complete, we will go forward with re-platting 150 acres strictly for this purpose. The lots will be small to minimize the need for personal outside maintenance. We will have 6 lots per acre for a total of 900 lots within the 150 acres. The average lot will sell for $60,000 each. Retail sales of just the land with no home sales calculated will total $54,000,000.

All current subdivisions in the Johnstown-Milliken area (the competition) have lots ranging from 6000 to 8000 Sf. They are currently selling for $55,000 to $75,000 per lot, plus a $12,000 water tap fee, and $4,000 Sewer tap fee.

The average retail sale for our sub-division lots will be $80,000 each.

Infrastructure cost will be $15,000 per lot. To be funded by the Metro-District Bonds.

Located exactly half way between the city centers of Johnstown and Milliken (1.5 miles from each), both cities are competing for our potential tax revenues.

Water/Sewer

The Metro Tax District will be approved within the next 60-90 days. It will fund the infrastructure and additional paving for the property.

There are no density restrictions due to the new sewer and water systems and Millikens growth planning. Two water mains are located on the north and west roads surrounding the property.



Re-sale scenarios:

o (1) Wholesale - There are currently several developers romancing us at $30,000 to $60,000 per lot. The lower pricing is only available prior to the stamped and recorded plat. We cannot sell physical lots without the final plat, so we are offering to the developers ownership in the company (Johnstown/Milliken LLC) of which the sole asset of the LLC is the 640-acre parcel as security. That ownership will be exchanged with the lots on completion of plat filing. After completion we will be asking a higher price. The intent is to only wholesale enough lots to expedite repayment of initial investment in full. Our #1 objective is to retail all remaining lots and to see this development through completion.

o (2) Initial Development Phase This project is moving foreword by completing the bond issue through a metro district. This will provide the infrastructure funds to complete all utilities and roads to deliver finished lots for both commercial and residential needs. At that point retailing options for the lots will be initiated. An estimated minimum average retail sale would be $60,000 per lot minimum. The big name builders are eager to have an inventory of large finished lots to build out. The average builder will purchase 20-30 lots at a time, with options for an additional 20-30 lots per phase.

o The property is being divided into several different subdivision themes. We are offing a covenant controlled Modular home (Semi-Custom only) sub-division, Track Home parcels, Semi-Custom, and Custom Home Sites (Gated Community), in different divisions of the project.

o At present we have two modular home retailers ready and in desperate need of lots to place buyers with homes on. Initially we anticipate the ability to retail 5 Modular home lots per month. As momentum of marketing picks up we should exceed 15 home lot sales per month. The retirement community will also allow modular homes. All modular homes will require HOA pre-approval. No sub-standard modular/manufactured or mobile homes will be permitted.

o Should we complete a deal with an equity partner, prior to any pre-sales of the 30 50 lots, those lots will not be available until after plat is complete. We will be asking a minimum of $50,000 per acre lot the wholesale level.


Contact Dennis Johnson at office 303-468-9350 cell 720-308-4757
or Terry Vickery cell 303-638-2185 office 303-468-9351