With many tech companies making the move to Utah County and the Silicon Slopes area, the demand for housing continues to rise. Those growing employment opportunities proved to be a big pull for IHP Capital Partners and Fieldstone Homes, which announced a joint venture to build 113 homes in the Traverse Mountain area of Lehi.
The Canyon Point development homes are geared toward homebuyers looking for an upscale, outdoor-focused lifestyle in the Silicon Slopes area.
Reneé McDonnell, senior vice president at IHP Capital Partners, said the lot is likely one of the last larger-scale development opportunities in the master plan, located back in the canyon. She also touted the proximity to Silicon Slopes as an advantageous aspect of the development.
“Our strategy has always been to stay close to employment — that always drives housing — so this one was frankly a no-brainer given its proximity to Silicon Slopes,” McDonnell said. “Our strategy as a company has always been to look for opportunities that are closest or have advantages that are supported by more of a macroeconomic driver, which is employment. This one was just so unique, special and advantageous as it relates to the proximity to employment.”
The location is an ideal long-term location for IHP, according to McDonnell, with the growth the area has seen and the projected growth that is forecasted on the horizon.
The partnership with Fieldstone Homes, which was recently named as the top homebuilder in the state of Utah, is also set to be advantageous for IHP. McDonnell said Fieldstone is a well-regarded homebuilder that has been in the area for a while and has a positive track record.
As for IHP’s move into Utah County, McDonnell said there are two more developments for the county that are in the works and another that she is working to close on. She continued, saying that IHP has a long-term commitment in Utah County.
“Utah County, in particular, has the most available land and is then driven by Silicon Slopes, so the expansion of that region is quite remarkable,” McDonnell said. “We definitely are long-term.”
Along with the move into Utah County, McDonnell spoke to the quality of life, lifestyle, the balance between life and work, and the recreational opportunities.
Due to these various benefits of living in Utah County and the state as a whole, many employers are making the move into the area due to the market desirability, according to McDonnel.
“It’s quite remarkable the opportunities and just quality of life, then a very pro-development, pro-growth environment to be in which is also quite positive,” she said.
The completion date on the project is dependent on the market, but McDonnell said it is estimated to be done in the next three to four years, with people being able to sign up and show interest later this summer.
“The market is quite strong and this location is exceptional, so we expect very significant demand for this, but it is too soon to quote any material numbers,” McDonnell said.
Pricing for the houses is expected to come toward the end of the year, as the site is currently being graded for development.
For more information on the project, visit ihpinc.com.