Ravenna’s vision remains

Ravenna

When Glenn Jacks first unveiled the 634-acre Ravenna luxury housing community near Waterton Canyon in Douglas County, he had this to say about the development with giant red rock outcroppings giving it a postcard worthy rugged beauty: “The big thing is that we can’t mess it up.”

That was in 2005.

At first, the rich were lining up to often spend $500,000 or more to buy lots at Ravenna, which takes its name from an Italian city that served as the capital of the Western Roman Empire 1,600 years ago.

“From 2006 to 2007 things were going great and we were selling beyond our pro forma pricing,” said Jacks, whose River Canyon Real EstateInvestments LLC was the developer.

Then the Great Recession hit.

“We felt the pain,” Jacks said. “Denver was no different from any other place in the country. It was a miserable time.”

After sales that came to a virtual halt, Jacks, limited liability company filed for reorganization under Chapter 11 of the U.S. Bankruptcy Code for the 243-lot community.

The bankruptcy filing listed $19.7 million in assets and $45.3 million in liabilities.

Earlier this year, the Gold Club at Ravenna emerged from bankruptcy, with Jacks still in charge of the community.

Last week, officials reported that in the past month more than 30 lots have been reserved and two homes have closed.

Lot prices drop

Lots now are priced from $200,000, a fraction of the original listing prices.

“Custom homes are in high demand and the market is steadily gaining momentum, especially in Colorado,” said Dale Schossow, of Fuller Sotheby’s International Realty, the listing brokerage firm.

Ravenna includes an 18-hole championship golf course designed by Jay Morrish.

“With most of Denver’s golf course communities already built out, Ravenna’s land appeals to buyers looking to build their very own dream home.”

Jacks said prospective buyers are coming from Evergreen, Genesee, “and other foothill communities,” as well as nearby Ken Caryl Ranch.

“We’re even getting some people who are living in Cherry Creek North or downtown, and want to trade urban living for the true Colorado experience, but still being close to all the amenities downtown,” Jacks said.

Golf Club at Ravenna

S. Robert August, who initially marketed Ravenna for Jacks, said the land is gorgeous.

“It’s a remarkable piece of land,” August said. “The property is beautiful. It’s one of the nicest sites you will find anywhere in the U.S.”

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