In 2005, developers began building Saddleback Ridge Condominiums in northwest Colorado Springs along Centennial Boulevard in Pinon Valley.
As they were promoting their project to prospective buyers in 2005-06, their plans showed a swimming pool and clubhouse to be shared with Canyon Reserve Townhomes, to be built adjacent to the west.
In fact, several of the investors in the condos also were investors in the townhome project. So it made sense to them to build one pool/clubhouse to serve both complexes.
Here is a look at the two complexes from FlashEarth:
The Saddleback Ridge group had paid $1.6 million for 26 acres and then sold nine acres to Canyon Reserve or $1.2 million.
They were ambitious projects. Saddleback would have a dozen buildings with 96 condos while Canyon Reserve planned 18 buildings, mostly four-plexes, with 70 townhomes.
Unfortunately, the projects were launched just as the housing market was collapsing.
Soon, the developers found themselves struggling to sell their units. Money started getting tight, management of the projects changed repeatedly and somewhere along the way, the pool and clubhouse was dropped.
Here’s a look at Saddleback Ridge as its appears looking south along Centennial:
As you might imagine, folks in Saddleback Ridge who wanted a pool and clubhouse were not happy when the pool never materialized. Some recalled one of the project managers, Charles Schoninger, promising the pool would be built. Even if he had to pay for it himself.
So the owners are trying to hold him to his promise. The Saddleback Ridge Homeowners Association is suing the developers over the missing pool and clubhouse. They want over $500,000 in compensation. They feel they were cheated and their property values have suffered due to the lack of the promised amenities.
But the HOA isn’t just going after the developers’ companies. The HOA is suing them individually, trying to hold them personally responsible.
That’s because they claim Schoninger made personal guarantees that the pool and clubhouse would be built. The HOA has sworn depositions from real estate agents and owners making that claim.
Schoninger said he is broke and resents being singled out from the group of developers. He blames his partners for mismanaging the project, forcing him to step in and try to salvage it.
He said partners involved in Canyon Reserve are particularly to blame.
The townhouse project ended up in foreclosure and now is being operated by the Santerra Financial Group, which bought it out. Only six four-plexes have been built although the group intends to complete the project as the economy improves.
Here’s a look at the plan for Canyon Reserve from its Web site. The plan does not include a pool or clubhouse, which Santerra managing partner Bob Elliott said would be a mistake to build. He said his townhome owners don’t want the amenities or the expense of maintaining them. The pool would have been built across from Building 4.
Below is an artist’s rendering of the finished Canyon Reserve: