November 30, 2012

Tanglewood Reserve development for sale
374-acre development near Pine Junction listed for $3.36 million

Mike Potter, Staff Writer

Tanglewood development for sale

The Tanglewood Reserve development near Pine Junction is listed for sale for $3.36 million for the entire development. (Photo courtesy of Jones Lang LaSalle)

The owners of the Tanglewood Reserve development near Pine Junction have listed the property for sale through the Jones Lang LaSalle real estate firm in Denver.

The Tanglewood Reserve development is a 374-acre, mixed-use development approved for 446 single-family lots and 18 acres of commercial land in the corner of the property near U.S. 285 and Wandcrest Road.

According to the Jones Lang LaSalle website, the property is listed for $3.36 million, or about $9,000 per acre.

Norm Blum, one of two brokers selling the property, said the property was listed in mid-November.

He believes this is the first time the property has been for sale.“The ownership, they don’t see themselves developing this in the near-term, so they would like to see if we could sell it to a third party who could develop it,” Blum said.

The majority of the property is south of U.S. 285 and west of Wandcrest Road, but there is a portion of residentially zoned property north of U.S 285.

Blum said all the permits are in place for a developer to step in and begin working on the property.

The development has faced difficulties in the past.

On Aug. 23, Littleton-based Pine Ridge Residential LLC, the developer of the property, received a reprieve from Park County from having the February 2006 Tanglewood Reserve Planned Unit Development Final Plat and Subdivision Improvement Agreement declared null and void by the Park County commissioners.

In 2006, the commissioners asked that a letter of credit for $1.13 million be delivered to the county by April 3, 2006, and that improvements be made for Phases C and D, including a grade-separated intersection by Dec. 31, 2008.

Those conditions had not been met, but the commissioners allowed Pine Ridge three more years to submit a performance bond in the form of a letter of credit for the public improvements for Phase C and D.

For sale

The Tanglewood Reserve development is for sale. This sign was posted in mid-November by brokers for Jones Lang LaSalle. The property is listed for $3.34 million. (Photo by Tom Locke/The Flume)

In 2010, 496 properties in the Tanglewood Reserve development were included in a delinquent tax lien auction. The properties were listed as owned by Pine Ridge Residential LLC or Ryland Group Inc. Those two entities owed a combined $50,180.66 in unpaid taxes on the property.

John “Packet” Lowrey Jr., another broker with Jones Lang LaSalle, said the goal is to sell the entire property to one buyer.

He said there is focus on the 18 acres of commercially zoned property that he’d like to see developed.

But they’re not just looking for buyers who want to develop the land, he said.

They’ve contacted Jefferson County Open Space to gauge its interest in buying the property to preserve the land from development.

He said similar conversations have taken place with entities in Park County.

“We’re not even opposed to finding the right buyer who is a wealthy individual who wants to protect the property,” Lowrey said.

Alan Fishman, co-developer of Tanglewood Reserve, told The Flume that Denver-based Ryland Homes, a part-owner of Tanglewood, was the entity that chose to sell the property.

A representative from Ryland Homes couldn’t be reached for comment. 

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