Colorado’s strong economy and population growth is attracting investors and developers.
Colorado is known for its diverse geography with desert and mountain climates, which all combine for unlimited beauty. But the gorgeous scenery is just one reason why homebuilders and developers are investing heavily in the Centennial State – its economy also is attracting people.
Montreal-based ROI Land Investments, for example, is investing an additional $1.53 million in its Evans, Colo., project, to bring its total investment to date to $5.85 million. The company is forecasting 1,200 to 1,400 units for its Hill Pond property in Evans.
“The town of Evans is located 60 miles from Denver, the capital of Colorado,” ROI explains. “Evans has a growing economy fueled by large oil and gas companies, investors and agriculture. The technology, aerospace, construction, financial and healthcare sectors are also prominent in Evans with continued hiring and job opportunities. Job creation, strong population growth and a continued influx of new residents and businesses to the area have lead to an increased demand for housing in Evans.”
The 9.5 million-square-foot Hill Pond project covers 220 acres and is on scheduled to be completed within six years in five phases. To best serve the market, ROI plans to offer single-family homes, townhomes, duplexes, triplexes, condos, parks and commercial and retail areas.
ROI notes economic growth in Colorado has outpaced the rest of the United States for the past two years, and population growth coupled with a relatively young population have fueled job growth. Colorado’s population growth has been the third-fastest of any state since 2010, rising a cumulative 6.1 percent.
“There are many amenities located nearby the project, including a school that is currently under construction immediately adjacent to this property,” ROI says. “Included in this project acquisition are 1,168 shares of water in order to service more than 1,200 homes. Water shares are extremely valuable and rare, as only properties with water can be developed.”