Walter A. “Buz” Koelbel Jr., the leader for nearly 40 years of one of Colorado’s most prominent family-owned real estate development firms and a longtime ULI member, has passed away at the age of 72. 

An active member of ULI for more than four decades, Buz Koelbel hosted the first gathering of fellow members in Colorado. He was instrumental in founding the ULI Colorado district council, which today is among ULI’s largest, with more than 1,300 members.  

Koelbel served as a ULI trustee and a member of several product councils, including the Residential Development Council (Silver and Blue Flights), Community Development Council (Gold Flight), and Recreational Development Council (Blue and Gold Flights). A ULI Foundation Governor, he generously contributed his time, expertise, and resources to advance the ULI mission and drive meaningful impact in the communities we serve. 

“Buz touched so many parts of ULI and had such a profound influence on programs across the organization,” ULI Americas CEO Mary Beth Corrigan said. “His legacy of generosity, stewardship, and community impact should inspire all of us to follow his example of making a difference.” 

“Buz was a driving force in the Denver real estate market and beyond, and he was a force in ULI as well,” said Thomas W. Toomey, chairman and chief executive officer of UDR Inc. and chair of the ULI Foundation. “His dedication to the mission and ensuring its influence on Colorado’s built environment is something we should all embrace in his memory.” 

“Buz hosted the first gathering of ULI Colorado members and urged us to form a district council—back before our first ever Spring Meeting,” said Marilee Utter, past chair of ULI Colorado. “He stayed very involved and supportive until we were well established. Though never chair per se, in many ways he was among our most influential and impactful leaders.” 

Koelbel was the longtime president of Koelbel and Company, which his father founded in 1952. A third-generation Coloradoan, Koelbel graduated from Thomas Jefferson High School and the University of Colorado Boulder. After launching his career working in property management in San Francisco, he returned to Colorado to join the family business, becoming its president in 1985. His three sons later followed in his footsteps and joined the company, and earlier this year he transitioned to the role of chairman. 

Under his leadership, Koelbel and Company shaped the built environment across Colorado, producing numerous residential, commercial, and retail developments in the Denver metro area and in mountain resort communities. The company also became a leader in addressing the shortage of affordable and workforce housing, completing 10 such housing projects during Koelbel’s tenure.  

In his professional endeavors and philanthropic engagement, Koelbel took seriously his responsibility to respect the land, serve the community, and give back. “We know we are custodians of the land for but a brief time, but our legacy lives on for generations to come,” he 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.” 

Buz Koelbel built an indelible legacy as an innovative developer, a champion of his community, a generous mentor to others, and a loving husband, father, and grandfather to his cherished family. The ULI community remembers with gratitude his many contributions to the growth and success of the Institute and of ULI Colorado, and his passion for bringing the ULI mission to life. Together we mourn his passing and send our condolences to Sherri, his wife of more than 41 years, his four children and 11 grandchildren, and all his family, friends, and colleagues.