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Central City Housing Set to Grow in Colorado

The Denver Post Article - March 24, 1998
Title: Central City Set to Grow
By: Emily Narvaes - Denver Post Business Writer

A Summit County developer plans $250 million worth of projects - including 4,300 housing units and 650,000 square feet of commercial space - on a huge parcel of land above the tiny town of Central City. The proposal is going through a lengthy annexation process but a spokesman for the developer, Proland Management, LLC, said the town supports bringing badly needed housing and services to the gambling community. … Elements of the development, which would occur on roughly 240 acres, include: 3,500 apartments, 800 houses, 400,000 s.f. of industrial space and 250,000 s.f. of retail space.

With all city approvals, construction could start in July on the apartments and the industrial space and take six to nine months to finish, said Carl Moore, president of C. L. Moore Financial in San Diego, which is providing the construction loans for the development. Apartment rents will start at $850 a month for a one-bedroom and $950 for a two-bedroom. The project was initiated because of "the explosion of casino activity and the new gaming facilities being built in Black Hawk and Central City," Moore said.

A large number of gaming employees - Moore said as many as 6,500 - commute at least one hour, one-way from the Denver area, he said. "Everybody acknowledges the need for housing so they can stop the traffic patterns," Moore said. "Right now, there’s congestion on the roads."

The other landowners support the project, so putting together parcels for annexation should be a simple process, Moore said. "It’s just logistics," he said. He added that the mixed-use development is not predicated on whether the proposed highway actually gets built. We’re just addressing the need to get people off the road by providing local housing for them," Moore said. Proland already has received a $3.5 million loan to buy 223 acres for the development.

City Attorney Kerry Buckey said he believes the Proland project, with its $850 to $950 monthly rents, could be affordable for many area workers. A separate, 305-unit apartment developed called Gold Mountain Village now under construction offers subsidized rents of $500 for one-bedrooms and $625 for two-bedrooms, and some casino workers, especially married couples, earn too much to live there.

Five Year Plan - The Proland project and Gold Mountain Village mesh with the town’s five-year plan to encourage more housing and services for residents. Gold Mountain Village alone is expected to add about 640 residents. Buckey said of Proland, "They’re developers who seem to have actually read our five-year plan and are trying to stay within the framework."

Other Announcements

Infrastucture Financing Secured for Master Planned Community - $16,740,000
FOR IMMEDIATE RELEASE - C. L. Moore Financial in San Diego Secures $16,740,000 Infrastructure Financing.

Fraser, Colorado - April 5, 1999

C. L. Moore Financial, with offices in the World Trade Center in New York, Texas, and California has placed $16,740,000 in Municipal infrastructure financing for Maryvale Village, LLC. The master planned community in Fraser, Colorado is located contiguous to the town of Winter Park Ski Area and close to a newly planned ski base. The 950 acres is approved for 2,755 residential units, 360,000 square feet of commercial and office space, 1,408 accommodation units and an 18 hole golf course.