Monterey Pointe is the name of a dormant project consisting of 29 acres of prime vacant land south of Colfax just east of I-225, between Len Lyall Chevrolet and K-Mart. See: http://www.loopnet.com/Listing/17931483/SEC-of-Colfax-Avenue-Sable-Blvd-Aurora-CO/.
It is divided into 2 parcels by a ditch or drainage corridor. To the northeast is possible retail space consisting of 6.8 acres (295,000 sf), and to the west and south is a multi-family parcel consisting of 18.8 acres with plans for 354 units. There are for sale signs on the property, and the asking price is $7,000,000. I don't think there is demand for the retail parcel yet, but the condominium project would sell or rent quickly. I am guessing that the development costs would be about $50 million, and the units would sell for about $200,000 apiece, yielding a profit of about $20 million for a deep-pocketed developer.
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