US Bank's expansion in northern Colorado will be a double header.
Principals of Loveland-based Chrisland Inc. announced this week that the bank recently closed on a 1.81 acre site at the St. Michael's development at 65th Avenue and U.S. 34, the first of 10 lots in a second wave of development at the expansive west Greeley commercial center.
US Bank previously announced its plans to build on a 3.8-acre site in the 2534 development in Johnstown. The bank has several other locations throughout the region, including one in west Greeley and one in Windsor.
"We really liked these sites in terms of the magnitude," said Brent Morris, director with Evergreen Capital and Development in Denver, which represented US Bank in the sale. "St. Michael's in Greeley has a lot of housing and growth and just the sheer scope of 2534, that's a pretty good mix to be in."
US Bank National Association paid $1.09 million for land to build a bank plus retail shops at St. Michael's. Morris said the bank at St. Michael's would be between 3,500 and 5,000 square feet and the retail portion would occupy
10,000 square feet. After scouting two locations in west Greeley, Morris said, US Bank opted for
the St. Michael's lot because of a variety of factors.
"With all of the new housing where St. Michael's is plus the access, traffic and visibility, it's tough to turn down," Morris said. Morris said both the Greeley and Johnstown locations were perfect for US Bank's expansion plans in northern Colorado, but he was unsure whether the bank would expand further. Officials at US Bank did not return calls for
comment. A timetable for construction is unknown.
St. Michael's developer David Calvin will begin expanding the infrastructure, such as water and sewer, to the site this summer, as well as build an internal road system to the newest 10-lot section.
Ryan Schaefer, a principal with Chrisland, said an internal road system will pave the way for more development on about 30 acres to the west of the 10-lot parcel.
"We really see St. Michael's as the next logical place for development in Greeley," Schaefer said.
St. Michael's at present is occupied by Bad Ass Coffee and Marble Slab Creamery, in addition to Bataa Oil Corporate Headquarters, to the south of the bank's site.
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