Foothills approves contract to sell property at Wadsworth and Coal Mine

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The Foothills Park & Recreation District has found a buyer for one of five properties it is attempting to sell to raise $4 million for capital-improvement projects and other expenses.

The Foothills board of directors on June 25 approved the sale of a 5.47-acre parcel on the northwest corner of Wadsworth Boulevard and Coal Mine Avenue to 24 Hour Capital Ventures LLC for $1.165 million.

The sale is contingent on Jefferson County approving a rezoning request and site plan. Foothills Executive Director Ron Hopp said the company wanted to keep its development proposal confidential until it makes its initial presentation to the county.

The property currently is zoned for commercial/retail.

Foothills is trying to generate additional revenue after a proposed property-tax increase failed in the May 2008 election. The increase would have generated $2.8 million per year. Without the property-tax revenue, the district is resorting to selling the five parcels of land, which it put on the market in February 2011.

Two parcels of land are still for sale: a 4.72-acre parcel on the northeast corner of Coal Mine and Wadsworth that is zoned for commercial/retail, and a 3.85-acre parcel at the southwest corner of Wadsworth and West Columbine Drive.

Two other parcels, totaling about 17 acres on the northwest and southwest corners of South Simms and South Ward streets, are under contract for $2.4 million to Century Communities, which has proposed building 82 single-family homes.

Residents near the properties have not been happy with Foothills’ decision to sell land, complaining about the loss of open space and a potential drop in their property values.


New buyer for
Wadsworth property

The property that 24 Hour Capital Ventures wants to buy had been part of a deal Foothills made with Drake Investment Partners that was terminated in December.

Drake also planned to purchase the property on the northeast corner of Wadsworth and Coal Mine — both for $1.5 million. Drake had wanted to put shopping centers on both corners.

Drake sought a reduction in the selling price after discovering additional costs in developing the property. Hopp said Drake decided not to buy when it found that utility lines on the property would have to be moved, and Foothills wouldn’t reduce its asking price. 

Hopp said the new buyers were aware of that issue and still went forward with the contract.


Contact Ramsey Scott at ramsey@evergreenco.com or 303-933-2233, ext. 22 and follow him on Twitter @RamseyColumbine.