Village at Avon developer goes solo
One of the co-developers of the Village at Avon is no longer involved in the project on the east end of Avon.
Catellus Development Corporation has pulled out of the Avon project because it no longer meets the objectives of that corporations’s changing business focus. It leaves completing the 1,800-acre development up to the existing developer, Traer Creek Development.
“We’ll just continue the job,” said Magnus Lindholm, owner of the land being developed into the Village at Avon. “I have hired the people from Catellus and also Dave Kautz from The Home Depot. It doesn’t create hardship.”
The Village at Avon, being developed on 1,800 acres east and northeast of Avon, will contain 2,400 residential housing units and more than 600,000 square feet of retail space. Half of that retail space has already been built in the form of The Home Depot and Wall-Mart Supercenter, but none of the residential development has been completed.
The Traer Creek is currently negotiating with the Town of Avon to rework portions of the development.
Catellus, according to its second quarter report, is a publicly traded company that owns and operates 37.4 million square feet of predominantly industrial property. The report states the company is changing it operations to qualify as a real estate investment trust instead of developing suburban “big box” retailers.
Catellus did not comment on the dissolution of the partnership.
But that new focus, Lindholm said, was the reason the partnership dissolved.
“We have a great relationship with Catellus,” he said. “I have nothing but good to say about them. If we need some help, we can pick up the phone and call them.
“They told me they are going to concentrate on (developing) industrialized properties,” Lindholm said. “That’s a very streamlined business.”
The partnership was formed to leverage the skills and development expertise of Catellus with the development opportunity in Avon, Lindholm said.
“This side of their business was very challenging and extremely prestigious, I think they thought,” Lindholm said. “No money comes out at the beginning (of the project). Then you get good return in the end.”
Cliff Thompson can be reached at 970-949-0555 x450 or email@example.com