New Developer Comes Aboard Master-Planned Community in Colorado
- Apr 22, 2008
Meritage Development Group has taken over the reigns for RimRock at Rifle, a 350-acre master-planned community on tap for Rifle, Colo. The real estate company acquired the project from Littlestar Ranch L.L.P. RimRock will be the first master-planned community to sprout up in the small City of Rifle, which sits about three hours west of Denver and less than two hours from Utah’s border. Plans for RimRock call for the development to be divided into five mini-villages that together will encompass as many as 1,500 residences in the form of single-family homes and multi-family units, and 110,000 square feet of commercial space. Additionally, space will be allotted for at least one school site on the property. As noted in minutes from a Planning Commission meeting last year, the city has been eying the 350-acre site for development for years, eagerly awaiting the right proposal since a previous development on the land was foreclosed on after the oil shale bust in Colorado in 1982. The land, located in the city’s booming I-70 and energy corridor, has already been annexed into Rifle, and upon receiving the remaining requisite approvals, Meritage will commence work on the multi-family segment of the project. The company anticipates kicking off that construction in the spring of next year. Littlestar will continue to play a role in bringing the development to fruition. Headquartered in Aspen, Colo., Meritage is a commercial and mixed-use real estate developer with a portfolio of completed projects in California and Colorado.