Delta’s Gunnison Riverfront District (DGRD) will be comprised of a mix of uses including commercial small-scale retail and office, diverse housing products, outdoor recreationally themed businesses, and active open space.
The famed Gunnison River is the second largest river in Colorado. It is known for unparalleled viewsheds and award-winning fishing across the Western Slope. The Gunnison serves as an uncharted asset running through the City of Delta’s Opportunity Zone. The city and a property owner have assembled several hundred acres along and adjacent to the Gunnison River. In addition, there are several dozen underutilized properties both in the City and County of Delta positioned for redevelopment.
The City of Delta has initiated a preliminary riverfront masterplan to guide in its discussions with opportunity zone investors and developers. It is envisioned that the Delta’s Gunnison Riverfront District (DGRD) will be comprised of a mixture of uses including commercial small-scale retail and office space, lodging, diverse housing product, outdoor recreationally-themed businesses, and active open space. The masterplan assumes a 10-20-year build-out on approximately 350 acres with a projected investment of $750,000,000
OPPORTUNITY TYPE
Investor, Investor-Developer: Interested OZ investors will work initially with Delta Development Corp (DDC). DDC will serve as the investor’s entre to opportunities listed in this prospectus. It is also available to assist investors interested in opportunities not listed in the prospectus.
DDC will provide detailed information on early-stage DGRD projects – programmatic and financial. DDC will work with investors to either manage their investments in DGRD projects or introduce them to selected developers with separate projects and establish new agreements. In addition, DDC is available to partner with an investor- developer wishing to pursue one or more developments with the DGRD.
FINANCIAL OVERVIEW
The DGRD key players anticipate initiating a 3-year (2021-2023) public improvement and 1st phase development program with public and private investment totaling up to $30,000,000.
There are three key parties, that will have a significant influence regarding the development program and its timing in Delta’s Gunnison Riverfront District. They are briefly described below:
- City of Delta – The City owns 150 acres of land within the DGRD. Much of the land was a former public golf course. The City has entered into an agreement with the Dallas Development Group (DDG) (see below). The City will play an active role in determining future land-use and zoning programming for the DGRD. It will place an emphasis on quality integrated mixed-use development, active open and recreational spaces and full community and visitor access.
- Dallas Development Group (DDG) – DDG owns 200 acres of DGRD property. DDG has conditional site control of a total of 350 acres. DDG is working with the City of Delta and the community to determine the highest and best uses for the DGRD. The previously mentioned master planning effort will identify a mix of private and public uses as well as a 10-20-year development program for the district.
- Delta Development Corporation (DDC) – The DDC will partner with the City of Delta and the DDG to prioritize, fund and oversee targeted development opportunities. The DDC’s primary mission will be to raise Opportunity Zone capital to accomplish DGRD objectives, with a focus on the first 10 years of development activity.
Key parties will work together to ensure the DGRD is a development priority within the City and greater Delta region. The City of Delta will clearly articulate the community’s development and quality of life priorities to be encompassed in the DGRD master plan and assist developers in entitling property and implementation of their development programs. The DDG will partner with developers and the DDC to finance and provide business acumen to each investment as it is planned and executed within the District. The DDG will serve as the master developer adapting its role subject to the requirements and partners involved in each development.
