It is anticipated to have a completed value of $480 million.

When completed, it would have about 500 residential units priced from $160,000 to about $300,000, as many as 1,200 apartment units, and as much as 125,000 sf of retail space.

The final phase would include as much as 1.5 million sf of office and strip retail space.

Tim Wiens, whose family sold its FirsTier Bank to Compass Bank for about $170 million in stock, says he thinks the Northwest market will bounce back quicker than expected. And Tony Fiest, a developer for 24 years, says it will take about 16 months before the land is ready for construction, at which time the market is expected to be back on its feet.

Wiens adds that despite the economic woes along the corridor, there is still demand for housing below $300,000. Indeed, they have letters of intent for all of the for-sale land, he says.

Jeff Hawks, an apartment broker with Grubb & Ellis, tells GlobeSt.com the multifamily rental component should do well, especially when the land is served by commuter rail lines. Ultimately, the commuter rail line will link Boulder to Denver.

"Our national studies show that apartments served by rail tend to have higher rental rates and lower vacancy rates," Hawks tells GlobeSt.com.