After 58 years, Koelbel closes out Denver development project

In a market where home sales are happening at a breakneck pace, Denver-based Koelbel and Co. just closed a sale 58 years in the making.

In 1958, Walter “Buz” Koelbel began work on a master-planned development on a 500-acre parcel at Sheridan Boulevard and West Quincy Avenue, a piece of land that had been a farm owned by Koelbel’s father-in-law, industrialist Carl Norgren.

Koelbel annexed the land and began developing it into Denver’s first and largest master-planned community.

Fifty-eight years later, the company has closed on the sale of the final home in the development, a patio ranch-style home in The Bluffs at Pinehurst that sold for $515,000.

“In a fast-paced market, where Denver is now ranked as the best place to live in the nation, this milestone is a reminder of not how fast, but how slow and deliberate the process of developing urban land can be,” Koelbel said.

“My father always said that patience is genius, which became one of the company’s credos, and this landmark moment is certainly the manifestation of that mantra.”

Koelbel was founded as a residential brokerage company in 1952 and grew to become a full-service real estate company with properties in Denver, Louisville and Eagle County.

The company is also involved in the development of Catalyst, a health care-technology-focused co-working project in Denver’s River North neighborhood, The Preserve at Greenwood Village, a master-planned community and workforce and senior housing developments.

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