Granby Real Estate: Orvis Shorefox says development still on track
February 28, 2008
Orvis Shorefox developers have responded to the rumor mill in Middle Park by saying the sport outfitting company Orvis is still invested, that the development is still happening, that layoffs were few while the company restructured, and the project is undergoing recapitalization.
In other words, it’s a “change in long-term financing,” according to Orvis Shorefox spokeswoman Susan Penta.
Orvis Shorefox LLC, developer of the 1,553-acre Granby development located northwest of the intersection of U.S. highways 34 and 40 on a portion of Horn Ranch, has been “working on recapitalization for some time,” according to statements the developer released Wednesday. “This is taking longer than expected, given the unsettled conditions in the financial markets and the continuing effects of the sub-prime meltdown.
“As a result, some contractors are awaiting payment for work done during 2007,” the release continues. “Shorefox Development is working to rectify this situation and intends to get it completed but it will take additional time and certainly more time than was anticipated.
“It is not possible to set a date when the process will be complete; however, we believe (recapitalization) will occur by the time the snow melts and will allow completion of the infrastructure during 2008.”
Granby puts project on hold
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At Tuesday’s Granby town board meeting, trustees stated they were not willing to move forward with the development until an outstanding balance owed by Orvis Shorfox is paid to the town.
The development was on the town’s agenda for a public hearing to amend its planned development overlay district preliminary plan. But prompted by Trustee Charlie LeBrake, Granby staff said town correspondence consistently has informed the developer of outstanding bills.
Granby Finance Director Sharon Spurlin said $30,282 is still owed to Granby, an outstanding balance that dates to November 2007. In a reimbursement agreement with the town, if bills are not paid within 10 days, policy decisions and agreements can be suspended, said Town Attorney Scott Krob.
Since the town pays consultants for land review, “the board has said repeatedly over the years, the town should not be a bank,” said Mayor Ted Wang.
Orvis Shorefox Manager Jeff Martin requested the hearing be continued for 30 days to address the matter, which board members granted.
There are numerous partners involved in the ownership of the Orvis Shorefox Project. There is some commonality between the projects Grand Elk Ranch and Club, located in southern Granby, and Orvis Shorefox. But Grand Elk and Orvis Shorefox are
different legal entities, Penta said.
A variety of amenities are planned for Orvis Shorefox, which encompasses a stretch of the Colorado River. They include 50,000 square feet of commercial space, of which Orvis has requested 2,500 sq.ft. for an Orvis retail store. One hotel, a gated high-end community and multiple water features are also planned.
A total of 600 units and 100 commercial accommodation units are planned for the entire project area, which is half of what had been originally proposed two years ago. Orvis Shorefox also includes an area in the north ranch that features lots that are more expensive and exclusive than the majority of the other lots.
Also included in the project is 500,000 square feet of what is being called “non-residential” square footage that could include commercial and mixed uses.
Skeptics have wondered in the past how this large-scale project could be developed without the pre-sale of lots.
“One of the first improvements enhanced 2.25 miles of the Colorado River, which runs through the property. Orvis Shorefox will also contain an 18- hole championship golf course, co-designed by Justin Leonard and Tripp Davis. Six of the 18 holes are complete and are in the grow-in phase,” according to the press release. “The bulk of infrastructure, including water and sewer mains and roads, has also been completed with completion of the remainder anticipated this coming summer.”
“Every developer goes through changes,” Penta said. “This is not news and it’s not unusual. Our goal is to get this going, to move forward. As far as I know, nothing has changed (in development plans) in any substantial way.”
” Tonya Bina can be reached at 887-3334 ext. 19603 or e-mail email@example.com.