Luxury residential golf community re-emerges in Denver market.
The U.S. Bankruptcy Court has approved the reorganization plan for the Ravenna private golf community south of Littleton, Colo., giving its developer—River Canyon Real Estate Investments, LLC—a formal go-ahead to continue a market re-entry that began this past March.
River Canyon received the official court order last week, overruling all objections and confirming the developer’s business plan for real estate and membership sales, golf course management, club operations, and clubhouse construction programs.
“The recession hit Colorado’s real estate industry exceptionally hard, and Ravenna was no exception,” said River Canyon manager Glenn Jacks. “We were able to successfully navigate the complexities of voluntary bankruptcy while at the same time protect the integrity of the current community. We can now focus all of our energies on moving forward.”
Ravenna, situated on 634 acres in Waterton Canyon adjacent to Pike National Forest, features 243 lots and a Jay Morrish-designed golf course. Twenty-eight homes have been built at Ravenna since it opened in 2006.
In March, River Canyon hired Billy Casper Golf (BCG) to manage golf and club operations. Following court approval in June to sell its remaining 166 custom lots, the company named Fuller Sotheby’s International Realty as the listing brokerage firm. Well-known realtor Dale Schossow is the exclusive listing broker.
In the filing, Judge Elizabeth Brown cites BCG, Fuller Sotheby’s, and builder Adamo Building Corp. as “highly successful professionals [employed by River Canyon] to bring its plan to fruition.”
“Those alliances, alone and grouped together, provide solid evidence of feasibility,” Judge Brown states.
The order further notes that Ravenna was “markedly different” from many real estate Chapter 11 cases that the judge has presided over during the recent recession, many of which did “little more than extend debt” until a change in the market would permit a sale or refinancing.
The ruling energizes growing interest in the property, evidenced by hundreds of real estate and membership inquiries received since the opening of the 2013 golf season.
To date, four of the 166 available lots are under contract, and more than 30 have been reserved. Three custom homes are in the design phase and one is in construction. Five existing houses, starting at $1.2 million, are listed in the current sales inventory. Custom lot prices start in the $200,000s.
With a funding blueprint secured and approved, River Canyon confirmed the hiring of Denver-based Wunderlich Design as architects of a proposed clubhouse and pool complex, slated for a June 2014 groundbreaking.
“We conceived a private neighborhood that embraced Old World architecture, promoted an active lifestyle, and encouraged a vibrant member experience for those who chose to live within its boundaries,” says Jacks. “We have every intention to continue that dream, knowing we have one of the best pieces of land in Colorado.”
The entire tract allows access to an ample water supply that meets or exceeds state water quality regulations. A question-and-answer document outlining key facts concerning water at Ravenna was released on its website last month.
Ravenna homeowners and members were given incentives toward early entry to full 2014 membership, upon plan approval.