Purchasing the Property

The Salt Flats property was purchased by the City of Grand Junction for $3.2 million after a careful review and negotiation process. The purchase price was set following an independent appraisal, which compared similar large development sites across the valley. While some in the community may view the cost as high, the appraisal confirmed that the price was fair and consistent with the local market, ensuring taxpayer dollars were protected. Moreover, the City's landbanking effort was made feasible through voter approval of Ballot Measure 2B on the Fall 2023 ballot. With strong voter support, the Charter was amended to allow leases of up to 99 years specifically for affordable and attainable housing. This change removed a major barrier and opened the door for projects like the Salt Flats.

To make the purchase possible without burdening the local budget, the City applied for and received a highly competitive Proposition 123 Land Banking Grant from the State of Colorado's Office of Economic Development and International Trade (OEDIT) Office and administered through the Colorado Housing and Finance Authority (CHFA). This $2.2 million award, combined with a $1 million local match budgeted for housing initiatives in 2024, allowed the City to acquire the 21.78-acre site. Land banking is important because it gives the community a chance to secure property for future development before market prices climb even higher or the land is lost to non-housing uses.

By strategically acquiring Salt Flats, the City has laid the groundwork for private developers to step in and build affordable and attainable housing. Without this type of partnership, the high upfront costs of land and infrastructure would make such projects nearly impossible. In this way, the purchase benefits not just the City, but the private market as well — removing barriers, reducing risk, and allowing builders to focus on what they do best: delivering homes for families, seniors, and workers who keep our community strong.

Click here for more information on the Salt Flats Location & Site.