The Promise of Castle Valley

OUTSTANDING DEVELOPMENT OPPORTUNITY IMMEDIATE COMMERCIAL & RESIDENTIAL DEMAND CASTLE VALLEY RANCH

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Residential Parcel

Castle Valley Ranch Community Core Parcel

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New Castle

<<<1 Hour to Grand Junction

1 Hour to Aspen & Vail >>>

OFFERING:

• 2 Parcels consisting of 71.99 acres within Castle Valley Ranch Planned Unit Development (PUD).

• Zoned collectively for 136 residential units and up to 89,770 sq. ft. of commercial development.

•V ested rights until 2043.

•U tility capacity in place.

• Price: $5,860,000

IMMEDIATE DEMAND RESIDENTIAL DEVELOPMENT

Overall Current Demand per GRFRHS (Parachute to Glenwood Springs) - April 2019 (per pages 25, 26 & 60)

Per the 2019 Greater Roaring Fork Regional Housing Study AMI # of Units Income Affordable Purchase Price (GRFRHS), the product of a 101% to 120% 169 $70,400 - $84,480 $353,201 - $432,600 regional/multi-jurisdictional 121% to 140% 293 $84,481 - $98,500 $432,601 - $510,900 effort, there is demand for 141% to 160% 702 $98,561 - $112,640 $510,901 - $589, 700 1,799 residential units for households with purchasing Greater than 160% 635 $112,641+ $589,701+ capacity associated with Note: 2018 US Census Data; 100% AMI in New Castle is reported to be $87,345 vs the $70,400 used above. income levels of 101% of Area Median Income (AMI) or greater, along the I-70 Corridor between Parachute and Glenwood Springs. The bulk of the demand is at 141% of AMI and above. See Table above.

COMMERCIAL DEVELOPMENT

With higher reported per capita income than either Rifle or Glenwood Springs, New Castle has a fraction of the commercial development of the other two communities. Due to the current lack of commercial offerings, residents travel out of New Castle to purchase many of their goods and services. A Community Commercial Core in the Castle Valley Ranch PUD CENSUS.GOV - QUICK FACTS AS OF July 1, 2018 has been envisioned since the PUD’s inception. Given the large Rifle New Castle Glenwood Springs disparity of retail sales per capita Median Household Income $61,696 $87,345 $61,044 existing when comparing New Per Capita Income $24,344 $33,774 $32,198 Castle to either Rifle or Glenwood Springs, it is clear that the proposed Total Retail Sales (in 1,000s) $191,332 $36,383 $462,477 Community Core’s time for Retail Sales per Capita $20,647 $7,995 $47,791 development has come.

OPPORTUNITY

TWO PARCELS WITH DEVELOPMENT RIGHTS VESTED UNTIL JULY 11, 2043

RESIDENTIAL: 61.22 ACRES ZONED FOR RESIDENTIAL DEVELOPMENT Located in a beautiful, quiet valley, contiguous to both BLM lands and Lakota Canyon Golf Course, and unaffected by western slope oil or gas exploration; are 61.22 acres approved for up to 136 residential units (which can be shared with the “Mixed Use” parcel). This parcel, with its flexible entitlements, represents an excellent opportunity to directly address a portion of the current and future housing needs identified in the 2019 Greater Roaring Fork Regional Housing Study.

The New Castle area has experienced a population boom which is expected to continue. Proximity to fishing, jeeping, skiing, snowmobiling, hiking, rafting, kayaking, golf, camping, and road and mountain biking enhance the appeal of Castle Valley Ranch to prospective homeowners. .

Area and property boundaries shown in photography and maps are approximate and are for illustrative purposes only.

COMMUNITY CORE: 10.77 ACRES ZONED MU-1 (MIXED USE) This parcel is located on the round-a-bout and adjacent to schools and park parcels in the heart of the community. Approved for 89,770 sq. ft. of commercial development, its completion will fulfill the promise of creating a primary community core to serve residents and visitors alike. This parcel is perfectly situated for the creation of a compact, pedestrian oriented mixed-use environment. The incorporation of a public transportation hub into the design (such as RFTA) would complement the vision. www.Consensus.gov states that the New Castle median Household income is significantly higher than Rifle’s or Glenwood Springs’, yet New Castle residents spend their money in neighboring towns. Development of opportunities for restaurants, retail shops and medical/dental/vision and professional services in the Community Core will keep those dollars in New Castle. Centrally located...all primary roads have been designed to lead to the Community Core.

THE PROMISE OF CASTLE VALLEY Over the course of the past three decades, a stable, affordable and diverse Planned Unit Development has matured in New Castle, which serves a population seeking close community and quality housing in the “Greater Roaring Fork Region”. From 1990 to 2019, the reported population of New Castle grew from 679 to 5,203. The greatest concentration of this growth has occurred in Castle Valley Ranch, (“CVR”), which is currently home to approximately 50% of the town’s population. CVR is situated in a quiet valley and is comprised of schools, parks, open space and a diverse offering of housing options. Now, 71.99 centrally located acres, surrounded by the existing CVR and Lakota Canyon Ranch neighborhoods; is available for a savvy developer to take the next step in completing the promise of a thriving, vibrant community. Already zoned with approved residential and mixed-use entitlements, this property is perfectly situated to fulfil unmet housing needs in the “Greater Roaring Fork Region”, and to create a community core featuring opportunities for shopping, services, live/work and community gatherings.

Community Core

Residential

Located just over a mile from I-70 and protected from highway impact by Mt. Medaris, the Castle Valley Ranch site is bordered by Lakota Canyon Ranch Golf Course and BLM lands. Glenwood Springs is just 10 miles east, and Grand Junction, Vail and Aspen are each just an hour’s drive away.

Nancy Emerson Broker Associate 970.366.1194 cell nemerson@masonmorse.com

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