Source: http://www.gallowayus.com/engineering/c451/citadel-colfax/subpage769.html
This is a 20-acre development just south of Colfax between Sable Blvd and Chambers Road. It will include restaurant & retail, a hotel, townhomes and multi-family units. It will be aimed at veterans who will get medical care at the soon-to-be-opened VA hospital.
The owner, Northstar Partners, is apparently still trying to attract additional investors. See https://www.realcrowd.com/offerings/northstar-commercial-partners/citadel-on-colfax
I hope this get built quickly and I certainly am not trying to throw cold water on the project. But I have serious doubts about the viability of it. This isn't the first project on the site, which was previously known as Monterey Pointe. If this is such a great project, then why is Northstar talking about the appraised value of the site, which jumped from $7.7 million to $11 million in one year? Are they trying to get investors with the implication that the value will keep rising? And are veterans flush with cash, who would be able to buy $500,000 townhomes or pay $2,500/mo rent?
The biggest problem is the site. The picture above makes it seem like there is a narrow bit of green space in the middle. It isn't narrow, its big. I think the developer will have to dedicate a lot more open green space than is shown, which will cut into the land available for development. I certainly wish Northstar well. But no ground has broken yet and there are no estimates for when construction will start. Until ground starts breaking, I think this should be considered "blue sky".
