GREELEY — A key parcel of Weld County land that will be the site of a new arena for the Colorado Eagles minor-league hockey team has been deeded to the city of Greeley.
Windsor-based developer Martin Lind, who owns the Eagles and whose Water Valley Co. will develop the massive Cascadia project at Greeley’s western gateway, on Tuesday closed on the $4.956 million purchase of 99 acres from Kerr-McGee, a subsidiary of Occidental Petroleum Corp. (NYSE: OXY), through one of his entities, Vima Partners LLC. Vima then sold the parcel to the city of Greeley for the same price, “plus our survey, environment and soft costs, so $5 million,” Lind said. “There was no commission and no profit.
“We were just a conduit,” Lind told BizWest on Friday. “We just got the land procured. If the project hadn’t been approved, we would have bought it anyway.”
The project at Weld County Road 17 and U.S. 34 will include a core entertainment district dubbed “Catalyst” with a new arena for the Eagles and three sheets of ice for youth hockey programs, a high-end 351-room hotel, a spa and conference center, a 100,000-square-foot 12-slide water park that Lind predicts would attract 350,000 visitors a year, a central plaza as a gathering space designed for community events and socializing, and a “Cascadia Falls” water feature with an adjoining amphitheater.
Lind’s companies have been systematically buying parcels in the area for the $1.1 billion project, preparing to procure and sell the tract for the entertainment district to the city of Greeley.
Meanwhile, Water Valley will own “Cascadia,” an adjacent mixed-use project that is anticipated to include 11,248 single-family units, 4,980 multifamily units, 1.65 million square feet of retail space and more than 8.9 million square feet of non-retail commercial space. Lind said the residential element would offer a range of housing options across the spectrum that would support Greeley’s goal of providing accessible and affordable housing.
Last October, Lind bought a 295-acre parcel of farmland for $7.1 million through two of his entities, Vima Partners and Patriot Energy LLC, bringing his total investment in land in the area to approximately $19.13 million. He had initially purchased acreage on both sides of Colo. 257 for the project, but decided to move the project further west along U.S. 34.
To make the project work, the city of Greeley is being asked to provide “moral obligation funding,” a financing mechanism through which a government pledges a moral — but not legally binding — commitment to a project or debt.
This article was first published by BizWest, an independent news organization, and is published under a license agreement. © 2025 BizWest Media LLC.
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