Banning Lewis Ranch went up for sale today.
New York-based Eastdil Secured was hired to sell the 20,500-acre property on the east side of Colorado Springs.
The land has been the source of a contentious legal battle since the property’s owner, Calif.-based Banning Lewis Ranch LLC, filed for bankruptcy in October.
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“The offer is … subject to the approval of the United States Bankruptcy Court and Chief Restructuring Officer. The property will be sold free and clear of the existing debt,” the company said in a release.
Banning Lewis has more than $242 million in debt, according to bankruptcy court filings.
There was no asking price listed in the firm’s release.
The property was supposed to be the sight of 75,000 residences to be constructed over the next 50 years, but only about 700 residences were completed before development ground to a halt.
About $75 million has been spent on infrastructure, such as roads and water lines, leading to the mostly vacant community.
Eastdil sites the following investment highlights in its release:
- Large contiguous entitled tract of land
- Significant infrastructure investment
- Located in a path of development in Colorado Springs
- Large-scale mixed-use master planned community with re-branding opportunities
- Barriers to entry and lengthy approval process
- Potential mineral and oil and gas reserves
- Fast-growing city with strong economic drivers
Check back at CSBJ.com for updates on this story.