I spoke with Kyle Campbell, the newly installed President of the Colorado Springs Housing and Building Association, for the one-on-one portion of our print edition out Friday.
I took advantage of my time with him yesterday to get his thoughts on the recent announcement that Banning Lewis Ranch is up for sale.
Our conversation is below.
Click here to read past Business Journal coverage of the story.
CSBJ (Jonathan Easley): I’m sure you saw the news that Banning Lewis Ranch is up for sale. How is this going to work? Who could possibly buy that? It would have to be someone with the capability of developing it over the next 50 years, and that must narrow the potential buyers down significantly.
Kyle Campbell: My understanding is that as part of any bankruptcy filing, there are procedures you have to go through. This is just one of those procedures; marketing the property to see if there are interested buyers out there. But whether the project continues with portions of the ownership group that are in there now, or some assemblage of developers, or an entirely new group, it’s hard to tell. I agree with you – it would be challenging to find anyone out there that has the capital to buy the project and continue to develop it in this market.
JE: Is the best scenario for some contingency of the current developers to stay on the project?
KC: I would say so. Anytime you have a project of that scale, you really need the history and knowledge of that project that the existing ownership group, and even the local development group out here in Colorado Springs has. It would be very important to see as many components of that system move forward on the project, because if not, you’re starting over. For any business to come in and pick something like that up without any background knowledge would be a real challenge.
I’m hoping, especially for the future of Colorado Springs, because Banning Lewis Ranch is such an important component for the future of the city, that the project will continue to move forward with components of the existing management group to help see it through.