Developer Lokal Homes has acquired 19 acres in Lone Tree, Colorado, to build 274 townhouses and paired homes as the community pushes for less expensive housing.
Nate Levy, Lokal Homes vice president of marketing, said the anticipated price range of Willow Creek is $500,000 to $800,000. Homes.com data shows the median sales price of homes in Lone Tree is $865,000. Homes.com researchers note that "while some homes can approach $4 million ... newer higher-density homes are going up at lower price points closer to the highway, light rail stations, commercial centers and office areas."
“Lone Tree has traditionally been known as a difficult barrier to get into because the average price point has been very high,” Levy said. “So, what we wanted to do was make the community more accessible to more people.”
Located on the south side of Highway C-479, between Acres Green Drive and South Yosemite Street, the development is scheduled to break ground in spring or summer next year. The project is slated to take four years.
In addition to that attainability the development is striving for, Levy said, the goal is to create homes with amenities people in Colorado typically want, such as garages, fireplaces and a park with walking trails, among other outdoor spaces.
Development to include townhouses and paired homes
Levy said the development is slated to offer three product lines.
“We're going to have townhomes that are set up in fourplexes and three-story townhomes,” Levy said. He said those units would range from 1,150 to 1,400 square feet and have two to three bedrooms.
“We’re also going to have townhomes that are placed in a row kind of in a brownstone style,” Levy said. “Those will be anywhere from about 1,600 to 2,000 square feet, and those will have oversized garages."
The third option includes paired homes, at more than 2,000 square feet, according to Levy. A paired home setup is when two properties share a common wall, but each one sits on its own lot.
Rick Egitto of CRE Solutions said he initiated the project in a way by connecting the city with Lokal Homes about three years ago after former mayor Jackie Millet asked the community in a meeting whether anyone knew of developers who could bring affordable townhouses and paired homes to the city.
"I walked right over to her and told her that I had that developer,” Egitto said, adding that the development will offer residents the opportunity to buy a starter home on the west side of Interstate 25, which is unique, as there’s not much available.
The Lone Tree City Council unanimously approved the development in July after much input from the community, according to Egitto.
Willow Creek expected to fill a need
Current Mayor Marissa Harmon said the development is exciting for the city.
“There is a large need for not only first-time and last-time homebuyers, but just a home that has lower maintenance,” Harmon said.
This development is the second in the city from Lokal Homes, Harmon said. “They have one on the east side of Lone Tree that they are building condo units and paired homes.”
Harmon confirmed that it’s the location of the development that makes it unique; it’s near a business hub that includes Furniture Row and Park Meadows Mall. She added that the community has shown a lot of support for the project.
“It makes a lot of sense when we were looking at what uses would fit appropriately right there on that vacant parcel of land,” Harmon said. “I really think that the community is looking forward to and excited to have this housing product.”
The city recently celebrated its 30th anniversary and unveiled its new tagline, “Deep Roots New Heights.”
“I think it's a nod to understanding what makes the city of Loan Tree so special,” Harmon said. “This is a diversity of housing, high quality of life and great infrastructure in a city that you want to come and visit and hopefully live and do business in.”