Greeley family uses sale of oil, gas interest to build luxury apartments

Alpine Flats

The Richardson family has proposed a $20 million apartment complex in west Greeley, just south of Aims Community College. The plan is to have 142 units couched in six three-story buildings. The family opted to start construction this summer, and have apartments occupied by the end of the year.

For eight years, a massive lot south of Aims Community College helped Greeley landscapers bloom their gardens and sharpen residential curb appeal.

Come this year, it will be the site of a $20 million luxury apartment complex courtesy of the Richardson clan, led by father Arlo Richardson and his sons Tyler, Collin and Logan, daughter Amy Boyd and her husband, John Boyd.

The Richardsons, having divested much of their Greeley oil and gas assets through Mineral Resources Inc. last year, have taken some of the proceeds and dreamed up a luxury apartment complex that will once again bring life to a lot that has sat empty since 2008.

The Richardsons have owned and operated Mineral Resources, an oil and gas development company, not even a block away for years.

Its pretty simple, said Tyler Richardson, vice president for real estate for the Richardsons companies. Most of us live nearby in the neighborhood and drove by the location every day for last several years. Weve seen it as kind of a blighted corner. It didnt seem to have its highest and best use. We looked at it every day, and talked on a regular basis on what might work there for development.

The family, who now has several real estate and commercial projects through Richmark Holdings, also knew their market. The Greeley area has been booming for three years with oil and gas development, which has resulted in a housing shortage. The obvious idea was to give people a place to live.

It caught my eye every morning on the way to work, Richardson said.

We thought it would be really beneficial to the community and the area. Theres a shortage of multifamily housing in Greeley, and housing in general. And its a good size.

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Greeley family uses sale of oil, gas interest to build luxury apartments