What is Aspen North? Who is Miller & Smith?

January 22nd, 2015 No Comments

Aspen North is a small village of just over 100 lots. Many property owners purchased their lots back in the 1970s hoping to one day build their dream home. This village (although platted and sold) never had roads built. Homeowners have been working for years to put together their own CDA in order to start building on these lots. During the past year, several Members of Aspen North have sought an alternative approach. They reached out to developer, Miller & Smith, to see if they would purchase and develop these lots. Miller & Smith agreed, and in July 2014, the developer purchased and closed on these lots. Their plans are to clear the area and build approximately 100 moderately sized homes on these small (approximately one-eighth acre) lots. With this purchase the Association received approximately $40,000 in back dues and fees paid out of the settlement on these properties. This sale to Miller & Smith was a win-win for the Association and the former Aspen North property owners.

Over the next year you will begin to see a substantial increase in activity related to this development. For the Association, we established an MOU with Miller & Smith whereby they will continue to pay all dues on lots which are buildable. The Association anticipates approximately $500,000 over the next seven years and over $100,000 each year afterwards from additional assessments to this village. This plan will now transform a village that was dormant for almost 40 years into a neighborhood with a new beginning.

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