Hideout Lake bolsters investment with Guggenheim

MONTROSE — Global financial firm Guggenheim Partners joined the developers of Hideout Lake following the Montrose County Board of Commissioners’ approval of the upscale golf community’s final development plan.

“They’re kind of a financial and strategic planner versus day-to-day operations,” developer and co-partner Mike Kettell said.

Built around an 18-hole Jack Nicklaus signature course, the future community near the base of Horsefly Peak has already accrued 125 lot buyers, mostly from Arizona. Second home owners will bring their families to the cool climate of about 9,000 feet above sea level to recreate during summer months, Kettell said.

Its 943-acre location is about 18 miles from Montrose off Dave Wood Road. Though it is planned for 374 homes, the community could eventually accommodate up to 490.

“We own some land that is contiguous to what is now called Hideout Lake so we may develop that with (Guggenheim’s) input and financial backing and we can mutually decide how to develop that in the future,” Kettell said.

He said the community will cater to active adults of the 40- to 60-year-old demographic who enjoy the outdoors. The course will be available exclusively to members, though it could be used to host tournaments and charity events as well.

He said Hideout Lake will have a positive impact on the Montrose economy — the annual payroll exceeds $1 million, and millions of dollars in taxes will be generated for the county. The area could also be affected by the indirect benefits of the community’s residents.

“You tend to attract CEO types of the world and they love the lifestyle here, not just the communities but the recreation opportunities, and then they end up opening businesses here and creating jobs.”

About 20 to 30 homes will be built this summer for occupancy in 2009, with 11 holes of the golf course to be playable by 2009 and the remainder by the end of that year.

Although the course at The Bridges Golf and Country Club in Montrose is Nicklaus-designed, the Hideout Lake signature course is special in that Nicklaus visits the site to observe the process and make suggestions in person, Kettell said.

“And the other really compelling thing about the golf course is that even those we’re in rocky mountains it’s a very benign piece of land,” he said. “Because the topography is so gentle it’ll be walkable with caddies.”

Guggenheim has conducted transactions in the past with Nicklaus Investments to finance residential and resort communities similar to that of Hideout Lake, according to www.nicklaus.com.

Guggenheim, a diversified financial services firm, has offices worldwide. It has more than $100 billion in assets under supervision and runs several investment funds, according to a Hideout Lake press release.