Thompson Valley Towne Center

Thompson Valley Towne Center

INTRODUCTION

The Thompson Valley Towne Center case study exemplifies how complicated a development project can get, especially with the presentation of a highly involved property rights litigation. Many issues arise in this particular project involving multiple parties. All these issues must be closely analyzed and continually monitored by the partnership developing the mixed-use project. Holsapple and Marostica begin to contemplate the continuance on the project as they see many bumps in its road to completion. The initial idea sounded so great, and now the partnership is debating whether to scrap the entire project at a substantial loss.

LOOKING FOR THE LAND

It is my contention that finding and acquiring a property is the most important step in the development process. This decision will determine the involvement of a project as well as its success. The preliminary goal set forth by the partnership was to locate a property in Loveland, Colorado. They initially set out to complete three residential subdivision and any additional opportunities they found to develop for commercial use. So they went out and researched potential sites to develop. Form here, they would make a selection as to which properties they thought were best fit for development. One property they came across was at the north west corner of First and Taft. After viewing ownership and encumbrance information, they discovered that the property was being reviewed for a commercial center called Centennial Village. This land was obviously out of question for the partnership to develop, and could raise a possible competitive situation between the two completed projects. So the search continued on until the partners came across an 80-acre piece of property.

80 acres is a lot of land and could be home to more than just a shopping center. The access to this parcel could be made with much more ease, and it was just down the street from the previously mentioned parcel. A mixed-use development was definitely obtainable with 80 acres to wok with. Mixed-use projects are further complicated when dealing with the government as far as easements and zoning concern. Other considerations for this location involve a huge gulch and irrigation ditch lining the boundary on the southeast corner of the property. These are just a few issues that Holsapple and Marostica must have in mind when deciding to acquire such this large property. Although this project looks promising, the conveyance of the land would be extremely complex,