PCCP, LLC, GREENFIELD PARTNERS, ALBERTA DEVELOPMENT AND THE FELLOWS COMPANIES JOINT VENTURE ACQUIRES PAINTED PRAIRIE, A 620-ACRE DEVELOPMENT SITE IN AURORA, COLORADO
Aurora, CO, September 10, 2018 – PCCP, LLC announced today that its joint venture with Greenfield Partners, Alberta Development and The Fellows Companies has acquired a 620-acre, fully entitled residential and commercial development site in Aurora, CO, in the Denver metropolitan area. The property is currently entitled for 3,151 residential units and a 20-acre commercial town center. Shortly after closing, the first phase of 600 lots was sold to five homebuilders.
“The Denver region has experienced strong and steady job and population growth but has not produced enough homes to keep up with demand. Those factors combined with a focus on entry-level product made this an attractive investment opportunity for PCCP,” said PCCP partner Jim Galovan.
“Painted Prairie is a transformative residential development, anchored by an incredible 22-acre neighborhood park and a 50-acre mixed-use walkable town center that will offer unique dining, shopping and entertainment uses. We look forward to working with our builders to deliver superior housing product and welcoming our first residents next year,” said Alberta partner Bryan McFarland.
Painted Prairie is located 15 miles from downtown Denver in north Aurora, inside of E-470, the major transportation ring serving the Denver metro areas. The site is equidistant—eight miles, or two stops on the light rail—between the two largest job generators in the Denver area: Denver International Airport with 35,000 employees and the Anschutz Medical Center with 24,000 employees. Both of these job drivers are expected to grow significantly over the next decade with a major terminal expansion approved for the airport and consistent development occurring at the medical center. Directly north of the property, the $800 million Gaylord Resort and Convention Center, under construction and slated to open in November, is expected to be a major demand generator for both residential and commercial space at Painted Prairie.