We own approximately 930 acres of fully entitled Master Planned Community Development Land along Denver’s primary east/west transportation corridor Interstate 70. The property includes water and oil & gas rights. We are currently leasing our oil and gas rights to ConocoPhillips and our land for farming purposes.
The property is ideally situated for a master planned development community with zoning to accommodate up to 4,850 Single Family Residential Equivalent Units (“SFE’s”). The property has frontage access along I-70 together with an existing interchange making it desirable for easy transportation access to employment centers at Denver International Airport, Amschutz Medical Center, Downtown, and the Denver Tech Center. The property is designed to reach the starter home market, providing affordable entry level housing. Through Pure Cycle’s attractive purchase price we have a low land cost basis and can provide attractive terms to development partners to develop residential lots on the property. Pure Cycle will develop the wholesale water and wastewater systems for the development and seeks to partner with a national master planned community developer to developing the land.
The Sky Ranch acquisition was an important acquisition for the Company seeking to diversify its interest from a reliance on the Denver area home construction market, seeking to provide water to the developing Niobrara oil play. In addition to being one of the region’s most attractive development properties, it also represents a strategic site to provide water for Niobrara development in Adams County using the Company’s existing water supplies and existing interchange. Positioned with direct access to an interchange across I-70, we can provide water to haul operators who can cross I-70 at the interchange and access large portions of Adams County’s Niobrara development without traffic congestion and delays.