Real estate developer Buz Koelbel dies at 72

Walter A. “Buz” Koelbel Jr., whose family’s real estate development firm created some of Colorado’s most notable residential communities, died September 19 from blood cancer at age 72, the family announced Tuesday.

Koelbel was the longtime president of Koelbel and Company, a family-owned real estate development business with more than 70 years of history in Colorado.

A third generation Coloradan, Koelbel graduated from Thomas Jefferson High School and the University of Colorado Boulder.  After graduating in 1974, Koelbel worked in property management in San Francisco. He returned to Colorado and in 1976 and joined the real estate development company started by his father in 1952. In 1985, Buz was named president of Koelbel and Company and oversaw its growth for nearly 40 years, maintaining and amplifying its stature as one of the most prominent family-owned real estate companies in Colorado.

Under his leadership, the company established a vision and mission that focused on “Enriching lives through legacy communities” and the belief that “patience is genius.” Through the decades, the business experienced dramatic market fluctuations, yet always prevailed as an industry leader and a champion for the community.

“We know we are custodians of the land for but a brief time, but our legacy lives on for generations to come,” Koelbel once said. “The rewards come from creating communities for people to live, work, shop and play. Giving back to these communities completes the full circle of development.”

With Buz Koelbel at the helm, Koelbel and Company developed numerous residential communities including The Preserve in Greenwood Village, the largest custom home community in the metro region; The Breakers Apartment Community (now TAVA Waters), the largest apartment community along the Front Range; Rendezvous Colorado, a 1,150 -acre mountain community in Grand County; Cherry Hills Park, a custom home community that set the record price point for lot sales in the Denver region; and Pinehurst Country Club, Colorado’s first master-planned golf-course development. With help from his sons, Koelbel was able to significantly expand the company’s portfolio. Koelbel and Company completed 10 affordable housing projects during Koelbel’s tenure and was responsible for adding more than 700 units of income-restricted housing, helping to address a critical shortage of affordable housing across the Front Range.

Koelbel also kept the company active in commercial development. He oversaw the development of Centennial Valley Business Park in Louisville, first of its kind Catalyst HTI in RiNo (now being replicated in Omaha, Nebraska), Pine Bluffs retail in Parker, Village Center – DTC along I-25 at the Yosemite Park ‘n Ride, Centennial Promenade at County Line and I-25 and numerous other developments along the Front Range. Transitioning to the chairman role earlier this year, Koelbel’s love for the people and the work at Koelbel and Company continued to grow. He came into work every day he was in town. His ability to coach and mentor made the company a home for many long-term employees.

Koelbel’s three sons followed him into the real estate industry and joined the company, enabling Koelbel to contribute more of his time to community involvement in recent years.

Koelbel was a co-founder of the Denver South Economic Development Partnership, the Common Sense Institute, and the High Line Canal Conservancy. He was a board member of the Denver Museum of Nature and Science, the CU Real Estate Center, and Economic Literacy Colorado (now joined with Junior Achievement).

An avid skier, golfer and CU supporter, Koelbel embraced the Colorado lifestyle. He also had a passion for travel, which began with a Semester at Sea in college and continued throughout his life through his many worldwide excursions with Young President’s Organization (YPO) and culminating with recent bucket list trips that included golfing in Scotland and an African safari.

Koelbel is survived by Sherri, his wife of more than 41 years, his four children Carl (Fallon), Walt (Laura), Dean (Kristin), and Bethany Mihalcin (Justin); four siblings Lynn Stambaugh (Jim), Bob (Deb), Leslie Webb (Tom) and Laurie Chahbandour (John); and 11 grandchildren.

In lieu of flowers, the family asked that donations be made to Junior Achievement or the High Line Canal Conservancy.
A memorial service will take place Oct. 1 at Bethany Lutheran Church at 1:30 p.m. The memorial will be live streamed. A reception will follow at Cherry Hills Country Club.