Hey Matt, et al:
Here's what I've heard most recently:
There are, in fact, two projects under construction in the Eagle/Gypsum area west of Vail. Adam's Rib, Weiskopf, and Brightwater, RTJ2. Both will likely be opening next summer.
Justin Leonard is teaming with Tripp Davis on a new course that just started construction north of Grand Elk about 5 miles. The name slips my mind at the moment, but it's going to be a big golf/fishing resort combo with money and marketing from Orvis.
Cornerstone will open next summer. I haven't seen it yet, but it sounds like it will be very dramatic -- and very remote. The site is about 30 minutes southwest of Montrose. If you look on a map, you'll see it's pretty much out there by itself. For those who were thinking that it's close to Red Sky, it's at least a two hour drive between the two.
I am hearing that Nicklaus will also be doing a project near Cornerstone, but I have a tough time thinking that they will both thrive in that location.
There has been talk in both Telluride and Steamboat for years, but I don't think there are any projects that are very "real" at this point. The other area where there is quite a bit of "buzz" is the upper Arkansas River valley, near Salida and Buena Vista. IMHO, one of the few places in Colorado that are underserved for golf -- and absolutely beautiful to boot!
Hope this helps.
Rick