One more substantial, residential subdivision development may be taking off in town after all. Property owner Mitch Yellen and Colorado First Land Office broker Julie Kersting said The Homestead, just north of The Farm, will be moving forward soon.
“We’re waiting on our engineer to get us the preliminary sketch plan. Then we’re back to the town,” said Kersting.
Yellen is known as a successful entrepreneur in business, banking and real estate development. He has launched several successful companies in Colorado Springs including Pinery convention and banquet centers and Garden of the God’s Catering and fine restaurants.
He came to Buena Vista almost a decade ago.
“Seven or eight years ago we bought a place called Ruby Mountain,” said Yellen. “Now we’re building a house on Cottonwood Creek about a mile from the hot springs.”
Yellen said he’s been the money behind property development and is seeking to take on a more direct role in BV.
“I’d say by February or March next year we can start working on the 44 lots—put the first road in and put in 44 single family homes,” said Yellen.
Asked how soon he would start, Yellen indicated he is go for launch.
“That’s what I’m being told by the engineer. That we can start construction on the horizontal for phase 1,” he said, referring to roads, drainage, and water construction.
Kersting and Yellen said they’ve had two meetings with the town on the property during a long wait for the property to be inspected since Yellen purchased it last December.
“It took forever to get this survey. It’s so backed up,” said Yellen.
He said he nearly sold the property to Charlie Chupp, CEO of Fading West and developer of The Farm.
“It seemed like a natural purchase for the Farm,” he said. “So I said ‘Charlie, I’ll give you a great deal.’ And he should have jumped on it. And he dragged his foot, so as a result of that, our appraisal came back. And our appraisal came back double what I paid for it.”
Yellen and Kersting said they expect to meet with the town again before the end of September.
He said the town has expressed a desire to see mixed-use development and apartments built on the nearly 15-acre site. Yellen said it’s possible, but that there’s a need for more single family homes in town as well.
“It’s all about what the market dictates,” he said. “There’s no more land around town, so this 15 acres is the last big piece.”