Developer secures funding for community that could add 10,000 residents to Erie

Posted by puguh on Saturday, February 19, 2011

Developer secures funding for community that could add 10,000 residents to Erie. A developer with plans to build one of the largest residential housing developments on the Front Range landed critical funding Thursday, putting Erie at the forefront of a potential real-estate market rebound.

Plans call for the construction of more than 2,700 units on a 960-acre parcel between Old Town and Erie High School, north of Erie Parkway.

Dubbed Bridgewater, the community could add another 10,000 residents to the town's population of 19,000 when fully built in six to 10 years. It would be mostly single-family homes.

Jon Lee, vice president of Boulder-based Community Development Group, said his company finalized a deal with a private-equity real-estate firm Thursday that will loosen up money for road and infrastructure work.

It may be 2013 before the first homes are built, Lee said. He declined to name the private-equity company or the amount of money involved.

"The fact that somebody is willing to spend money on a sketch plan means the market is returning and that a significant master-planned community is becoming a reality," he said. "In the Denver metro area, this is probably the first one of this size to begin moving forward in the last four years."

Erie Mayor Joe Wilson said the town has been waiting for this day for years. Erie approved plans for a 2,880-unit development at Bridge water several years ago.


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