Owens launches next venture LIFE AFTER GOVERNOR'S OFFICE The Republican and two partners plan to develop and invest in real estate projects worldwide.
BYLINE: Karen E. Crummy Denver Post Staff Writer
Gov. Bill Owens has formed a new investment venture with two politically connected real estate developers - a job expected to keep him based in Colorado when he leaves office next month.
Owens, who is term-limited after eight years in office, has started JCB Group LLC with Joel Farkas and Chris Paulson, both of Denver-based JF Cos., to develop and invest in residential and commercial projects throughout the western U.S., Europe and the Pacific Rim.
"I look forward to this opportunity to work with individuals with a proven track record," Owens said in a statement. "It will be exciting to be involved in new projects from the acquisition phase through final development."
The move, however, puzzled both political and business observers who expected Owens to connect with higher-profile players or an international firm.
Some also wondered what expertise Owens offered for a business that includes local zoning and other detail-oriented preparations.
"I don't understand it at all, especially in the entitlement business, which is very, very local government," said Byron Koste, director of the real estate center at the University of Colorado at Boulder. "I don't know what he brings to the party."
Paulson said that after eight years as governor, Owens knows the ins and outs of investment in roads, airports and water systems - and knew where to find the money to fund those projects.
"He has connections in the financial world," Paulson said.
Owens has continually shown an interest in international affairs and recently talked about taking a job that involved obtaining private capital for public infrastructure overseas.
Staying in Colorado may be a benefit for Owens if he decides to run for the U.S. Senate or another office down the line, said Republican consultant Katy Atkinson.
The governor has long-standing political ties to both of his new partners.
Farkas, chairman of JF Cos., was appointed by Owens to the Colorado Commission on Higher Education last year and served on the state's Task Force on Transportation. He has been a big donor to state and national Republican candidates, including giving $100,000 to the Trailhead Group. He and his wife each gave $20,000 to the Colorado Republican Campaign Committee and together contributed $82,000 to the Republican National Committee in the past election cycle.
Paulson, a lawyer, is a former Republican House majority leader who served in the state legislature with Owens in the 1980s. Paulson is chief executive of JF Cos. His wife, Cinamon Watson, is a Republican strategist and fundraiser who worked on Owens' gubernatorial campaign.
In September, Farkas bought out his partner, Harvey Deutsch, in Gateway American Properties and renamed the company JF Cos. The company specializes in developing infrastructure for residential communities and sells them to homebuilders.
Before Forest City Enterprises bought Stapleton, Farkas and Deutsch had made an offer to buy the airport.
"It was a catalyst for the development," said Howard Noble, broker/manager of Noble Property Group LLC, who brought Forest City to the table.
Staff writers Margaret Jackson and Will Shanley contributed to this report.
Staff writer Karen Crummy can be reached at 303-954-1594 or kcrummy@denverpost.com.