Homes are finally sprouting up at a long-stalled community near Parker.
Tallman Gulch is selling its first homes nearly five years after the project fell into foreclosure under a previous owner. Denver-based Craft Cos. picked up the 454-acre planned community last year, and homebuilder WilliamMRK has construction underway on several new homes.
“We liked the southeast submarket; it has seen strong growth over the past few years, it has great school districts and is generally a great place to live,” said Tim Craft, a principal at Craft Cos. “We also liked the community design, everything from the entry monument, the trail system winding throughout, but most importantly, the open space.”
Craft Cos. paid $6.5 million for Tallman Gulch in a deal that closed in late December 2014, according to Douglas County records. Craft said the 121-home project will cost more than $100 million to build.
The massive planned community stretches north from Hilltop Road with lots averaging about 1.5 acres and more than 200 acres of open space. Craft said about 40 percent of the site work is finished, and the company intends to finish horizontal development in the next couple of years.
WilliamMRK Homes has signed on to build all of the homes at Tallman Gulch, Craft said. So far, one home is finished and another handful is under construction. The homebuilder is both preselling houses at Tallman Gulch and building speculatively, Craft said.
Tallman Gulch homes will run from about 2,500 square feet and average closer to 3,500 square feet, Craft said. Prices will start at $750,000 and range upward to between $1 million and $1.5 million.
Argosy Real Estate was an equity partner in the Craft Cos. acquisition, according to a press release the company issued when Craft bought the property in December. Argosy’s release said the land was acquired from an FDIC-appointed successor to the project’s lender.
Craft said a number of banks will finance construction at Tallman Gulch, but the land acquisition was all cash.
“Our acquisition was 100 percent equity, and part of the reason we did that is to send a message to the community that never again can this community be troubled as it was before,” Craft said. “There’s no loan to come due or miss a payment on.”