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ARCHIVED  April 1, 1997

Roche buys out Reynolds in Waterglen deal

FORT COLLINS — It’s not at all unusual to hear of a Larimer County developer drifting eastward in search of new projects or more land in Weld County. Rather, the converse is considered rare.

But on the last day of March, Pat Roche, an owner of Greeley’s venerable Roche Constructors Inc., closed a cash deal in Fort Collins that should nudge a long-stagnant project back on track.

Roche purchased the 160-acre Waterglen property from Vine Street Properties LLC, held principally by the W.W. Reynolds Cos. of Boulder. Terms of the deal were not immediately disclosed.

Located at the northwest corner of Interstate 25 and Vine Drive, the Waterglen project was approved in 1994 for single-family homes and apartments and included a small commercial component.

At the time, the W.W. Reynolds Cos. fought to have the development designated as affordable housing, but a city housing board said the prices were not low enough to be considered low-income.

For the past 21/2 years, a W.W. Reynolds Cos. sign has been the sole landmark on the property.

Now, Roche intends to immediately revive the site, beginning with the completion of a development agreement with the City of Fort Collins.

Like the original intent, Roche expects to provide more-affordable housing at Waterglen by constructing single-family modular homes. The site is approved for 477 single-family homes, 100 multifamily units, a day-care center and a park.

“He has experience in Greeley doing the same thing,´ said Jim Mokler, the broker with Realtec Commercial Estate Services Inc. of Fort Collins who represented Roche. “And he’s looking at other projects in Fort Collins.”

Mokler said that Roche is prepared to “work hard with the city” to finally get Waterglen developed.

The W.W. Reynolds Cos. are involved primarily in commercial construction throughout the Front Range. That includes some multifamily projects but not many single-family home developments.

“This was a different cup of tea,” Mokler said, “and they decided to stick with what they are best at.”

FORT COLLINS — It’s not at all unusual to hear of a Larimer County developer drifting eastward in search of new projects or more land in Weld County. Rather, the converse is considered rare.

But on the last day of March, Pat Roche, an owner of Greeley’s venerable Roche Constructors Inc., closed a cash deal in Fort Collins that should nudge a long-stagnant project back on track.

Roche purchased the 160-acre Waterglen property from Vine Street Properties LLC, held principally by the W.W. Reynolds Cos. of Boulder. Terms of the deal were not immediately disclosed.

Located at the northwest corner of Interstate 25…

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