A Colorado Springs private equity firm and one of the city’s oldest and highest-profile developers are partnering on the creation of a new real estate company they say will bring a vibrant mix of land uses to the community and possibly beyond.

The O’Neil Group and La Plata Communities announced this week they’ve formed ONE La Plata, which O’Neil Group founder Kevin O’Neil and La Plata founders and owners Doug Quimby and Mike Ruebenson say has been in the planning stages for two years.

The new company isn’t a merger, and The O’Neil Group and La Plata each will own 50% of ONE La Plata, said Quimby and Ruebenson. Going forward, however, La Plata Communities will evolve from a real estate development company into an investment entity and its 28 staffers — including Quimby and Ruebenson — will become employees of ONE La Plata.

As envisioned, ONE La Plata will be a full-service real estate company that will acquire, develop, manage and own projects in the Pikes Peak region, though company officials also say they anticipate they’ll expand to other Colorado communities and even other parts of the country. Quimby and Ruebenson will operate ONE La Plata on a day-to-day basis and work with O’Neil on the organization’s strategy and direction.

“We love this business and we think we’re really good at it and Kevin’s a great partner and he has really big ideas and lots of resources,” said Quimby, who will be ONE La Plata’s CEO while Ruebenson serves as company president. “It’s an expansion of what we’ve been doing for the last 30 years in a very exciting way.”

Ruebenson said ONE La Plata will have a wide range of real estate offerings and the ability to take raw land through the development process into new construction.

O’Neil, meanwhile, said there’s room in the Colorado Springs area for what he called a high-end, quality developer, contractor and builder of residential and commercial real estate projects.

“And we need to be able to move projects forward,” O’Neil said. “We think there’s a deficit in our community to be able to get projects accomplished. We believe it will be more cost-efficient than bringing in separate parties that all have their own profit centers … and their own interests. In this case, we can go from greenfield (undeveloped land) to a completed project smoothly and cost effectively.”

The O’Neil Group and La Plata are widely known for a series of prominent business ventures and developments in Colorado Springs.

Among other projects, The O’Neil Group is the former owner of the Braxton Science & Technology Group and developed the defense-focused Catalyst Campus for Technology and Innovation business park on downtown Colorado Springs’ east edge. The O’Neil Group’s ONE Funds also invests in defense sector companies and small businesses with technologies that support national defense. An O’Neil Group limited liability company also owns a downtown building where The Gazette has its offices.

La Plata, now in its 29th year, has developed master-planned residential communities such as Briargate (picking up the reins from the project’s original developers), Cordera, The Farm and North Fork at Briargate on the city’s north side. La Plata also had proposed the 3,200-acre Amara development in unincorporated El Paso County, south and east of Colorado Springs, but the City Council rejected its annexation in August and the project is on hold.

La Plata’s commercial projects include the Briargate Business Campus, the Promenade Shops at Briargate and the Briargate Crossing shopping center, all of which also are in northern Colorado Springs.

The newly formed ONE La Plata, leaning on the development experience and expertise of La Plata Communities, will take a lead role on future Colorado Springs-area projects.

For example, Quimby and Ruebenson said, ONE La Plata will become the developer of Karman Line, the planned 1,900-acre project southeast of Colorado Springs whose annexation was given preliminary approval Tuesday by the City Council. Karman Line, envisioned for 6,500 residences, has been proposed by the Norris Ranch Joint Venture, whose owners and investors include O’Neil.

Also, if Amara is revived at some point, ONE La Plata would assume La Plata Communities’ role in its development, Quimby said.

The O’Neil Group also owns an extensive real estate portfolio, and ONE La Plata will be involved in development and management of some of those investments — though decisions on which ones will be made on a project-by-project basis, Ruebenson said.

For now, ONE La Plata isn’t part of the effort to develop a 27-story apartment high-rise in southwest downtown Colorado Springs, recently proposed by The O’Neil Group and a Kansas City, Mo., partner. Though ONE La Plata could be involved in the apartment tower down the road, no substantive discussions have taken place with The O’Neil Group on the new company’s possible role in that project, Quimby said.

Outside of Colorado Springs, ONE La Plata will develop and manage Redlands 360, a 640-acre residential and commercial project planned in Grand Junction that’s owned by a joint venture formed by La Plata Communities and some Western Slope partners, Quimby said.

In addition to development, ONE La Plata will assume a property management role on various O’Neil Group and La Plata Communities holdings, Quimby and Ruebenson said. The new company will have its own property management division, they said.

One key advantage to the new company: it will offer competition with other real estate companies in the area, provide choices for consumers and help hold down development prices, Quimby, Ruebenson and O’Neil agreed.

In Colorado Springs, Norwood Development Group dominates the real estate landscape, and is arguably the area’s most powerful and influential development company.

Norwood’s vast holdings include 18,000 acres of the Banning Lewis Ranch that makes up the eastern one-third of the city. Among many other projects, Norwood also has developed the Wolf Ranch residential community in northeast Colorado Springs, shopping centers along the east side Powers Boulevard corridor and in the fast-growing InterQuest area on the north and apartment complexes downtown and elsewhere

Despite its position in the community, Norwood wasn’t a factor in the decision to form ONE La Plata, Ruebenson said.

Still, he said, “we believe the benefit of that (the new company) is it provides competition within the Colorado Springs market.”

“We’re excited about the opportunities,” Ruebenson added. “I know our staff is excited, The O’Neil (Group) staff that’s joined us is excited. The opportunities are endless for us. We’re very particular about what projects we take on, and that won’t change. We’re going to do projects that are a benefit to the community. We look forward to continuing those and expanding our presence in the market.”

A Colorado Springs private equity firm and one of the city’s oldest and highest-profile developers are partnering on the creation of a real estate company they say will bring a vibrant mix of land uses to the community and possibly beyond.

The O’Neil Group and La Plata Communities announced this week they’ve formed ONE La Plata, which O’Neil Group founder Kevin O’Neil and La Plata founders and owners Doug Quimby and Mike Ruebenson say has been in the planning stages for two years.

The new company isn’t a merger, and The O’Neil Group and La Plata each will own 50% of ONE La Plata, said Quimby and Ruebenson. Going forward, however, La Plata Communities will evolve from a real estate development company into an investment entity and its 28 staffers — including Quimby and Ruebenson — will become employees of ONE La Plata.

As envisioned, ONE La Plata will be a full-service real estate company that will acquire, develop, manage and own projects in the Pikes Peak region, though company officials also say they anticipate they’ll expand to other Colorado communities and even other parts of the country.

Quimby and Ruebenson will operate ONE La Plata on a day-to-day basis and work with O’Neil on the organization’s strategy and direction.

“We love this business and we think we’re really good at it and Kevin’s a great partner and he has really big ideas and lots of resources,” said Quimby, who will be ONE La Plata’s CEO while Ruebenson serves as company president. “It’s an expansion of what we’ve been doing for the last 30 years in a very exciting way.”

Ruebenson said ONE La Plata will have a wide range of real estate offerings and the ability to take raw land through the development process into new construction.

O’Neil, meanwhile, said there’s room in the Colorado Springs area for what he called a high-end, quality developer, contractor and builder of residential and commercial real estate projects.

“And we need to be able to move projects forward,” O’Neil said. “We think there’s a deficit in our community to be able to get projects accomplished. We believe it will be more cost-efficient than bringing in separate parties that all have their own profit centers … and their own interests. In this case, we can go from greenfield (undeveloped land) to a completed project smoothly and cost effectively.”

The O’Neil Group and La Plata are widely known for a series of prominent business ventures and developments in Colorado Springs.

Among other projects, The O’Neil Group is the former owner of the Braxton Science & Technology Group and developed the defense-focused Catalyst Campus for Technology and Innovation business park on downtown Colorado Springs’ east edge. The O’Neil Group’s ONE Funds also invests in defense sector companies and small businesses with technologies that support national defense. An O’Neil Group limited liability company also owns a downtown building where The Gazette has its offices.

La Plata, now in its 29th year, has developed master-planned residential communities such as Briargate (picking up the reins from original developers), Cordera, The Farm and North Fork at Briargate on the city’s north side.

La Plata also had proposed the 3,200-acre Amara development in unincorporated El Paso County, south and east of Colorado Springs, but the City Council rejected its annexation in August and the project is on hold.

La Plata’s commercial projects include the Briargate Business Campus, the Promenade Shops at Briargate and the Briargate Crossing shopping center, all of which also are in northern Colorado Springs.

The newly formed ONE La Plata, leaning on the development experience and expertise of La Plata Communities, will take a lead role on future Colorado Springs-area projects.

For example, Quimby and Ruebenson said, ONE La Plata will become the developer of Karman Line, the planned 1,900-acre project southeast of Colorado Springs whose annexation was given preliminary approval Tuesday by the City Council. Karman Line, envisioned for 6,500 residences, has been proposed by the Norris Ranch Joint Venture, whose owners and investors include O’Neil.

Also, if Amara is revived at some point, ONE La Plata would assume La Plata Communities’ role in its development, Quimby said.

The O’Neil Group also owns an extensive real estate portfolio, and ONE La Plata will be involved in development and management of some of those investments — though decisions on which ones will be made on a project-by-project basis, Ruebenson said.

For now, ONE La Plata isn’t part of the effort to develop a 27-story apartment high-rise in southwest downtown Colorado Springs, recently proposed by The O’Neil Group and a Kansas City, Mo., partner.

Though ONE La Plata could be involved in the apartment tower down the road, no substantive discussions have taken place with The O’Neil Group on the new company’s possible role in that project, Quimby said.

Outside Colorado Springs, ONE La Plata will develop and manage Redlands 360, a 640-acre residential and commercial project planned in Grand Junction that’s owned by a joint venture formed by La Plata Communities and some Western Slope partners, Quimby said.

In addition to development, ONE La Plata will assume a property management role on various O’Neil Group and La Plata Communities holdings, Quimby and Ruebenson said. The new company will have its own property management division, they said.

One key advantage to the new company: it will offer competition with other real estate companies in the area, provide choices for consumers and help hold down development prices, Quimby, Ruebenson and O’Neil agreed.

In Colorado Springs, Norwood Development Group dominates the real estate landscape, and is arguably the area’s most powerful and influential development company.

Norwood’s vast holdings include 18,000 acres of the Banning Lewis Ranch that makes up the city’s east side. Among many other projects, Norwood also has developed the Wolf Ranch residential community in northeast Colorado Springs, shopping centers along the east side Powers Boulevard corridor and in the fast-growing InterQuest area on the north and apartment complexes downtown and elsewhere.

Despite its position in the community, Norwood wasn’t a factor in the decision to form ONE La Plata, Ruebenson said.

Still, he said, “we believe the benefit of that (the new company) is it provides competition within the Colorado Springs market.”

“We’re excited about the opportunities,” Ruebenson added. “I know our staff is excited, The O’Neil (Group) staff that’s joined us is excited. The opportunities are endless for us. We’re very particular about what projects we take on, and that won’t change. We’re going to do projects that are a benefit to the community. We look forward to continuing those and expanding our presence in the market.”