Homeslice Pizza plans to open its third Durango location, and if the planning process goes well with the city of Durango, it would like the new restaurant to be serving pies by summer.
Cory Kitch, who owns Homeslice along with his wife, Lynn, said growth projections for Three Springs attracted them to the area. Also, an existing restaurant, Digs, dropped pizza from its menu, which opened a niche.
Three Springs has hundreds of homes, and city projections estimate 40 to 50 new homes will go up annually in the area, with a final population estimate of 5,000 people in the area, he said. In addition, almost 100 apartments are expected to open soon.
“A lot of growth happens out there. Geographically, it’s the way the city is growing, and we like the design concept of a planned community,” he said.
Tim Zink, real estate portfolio manager with Three Springs, said 447 residential units – single-family homes, townhomes and apartments – have been built in the development near Mercy Regional Medical Center. And 92 apartments will soon join the existing housing stock.
He said Three Springs expects sales for residential units in 2018 to match the pace of 2017. The area has city approval for 2,283 residential units, and Zink said 539 units are under contract.
“I think we’re the majority of new home sales in the city of Durango. That’s a good place to be for a development.”
Currently, 510,000 square feet of commercial development has been built in Three Springs, excluding Mercy Regional Medical Center, and the space maintains a 95 percent to 96 percent occupancy rate, Zink said.
Reports that the city has talked with big-box retailers about the possibility of opening in nearby Grandview adds to the area’s attractiveness, Kitch said.
Big-box development in Grandview would only help Three Springs, Zink said. It would add a nearby amenity for Three Springs homeowners, and it would prevent leakage of retail sales from Durango to Farmington, he said.
Jack Llewellyn, executive director of the Durango Chamber of Commerce, said the entire Grandview corridor is experiencing robust growth, and plans to extend the Animas River Trail to the area and the completion of Wilson Gulch Road have helped drive interest to the area.
He said the area is also the source of something especially vital to Durango, workforce housing attainable for middle-class families.
Durango architect Steve Eccher has been hired to design the new restaurant, which will be in a new building. The building will contain the restaurant, which will be about 2,100 square feet on the ground floor. On the upper floor of the mixed-use building will be apartments and office space.
In addition, the restaurant will have a full bar, a patio and a roof deck, Kitch said.
“We like to own our own buildings, if possible. It’s part of the business model,” he said.
Homeslice currently employs 50 people at its two restaurants at 441 College Drive and 2915 Main Ave. Kitch said the new restaurant will add about 25 additional employees to the pizzeria’s payroll.
Zink says the availability of land and Three Springs’ growth projections all attract interest from business owners looking for regional commercial opportunities.
“With real estate, you can get in early and see some appreciation in addition to having a successful business,” he said.
The project, which still must go through the city of Durango planning process, would be financed by Bank of Colorado if the city gives it the green light.
parmijo@durangoherald.com
