Shea Homes Colorado Acquires The Canyons in Castle Pines
Dec 29, 2015 • Denver Area, CO • Gallery at The Canyons
Shea Homes Colorado, the master developer of communities such as Highlands Ranch, Reunion and Stepping Stone, announced its purchase of 1,270 acres in The Canyons, located east of I-25 in the City of Castle Pines, between the Hess Road and Happy Canyon Road interchanges. The company will oversee the development of a new master-planned residential community, which, at build-out, will feature 2,000 single and multi-family homes from a variety of builders. Shea Homes, which expects to invest $75,000,000 in the community over the next four years, worked with Denver-based Oread Capital & Development in purchasing the land from the Alpert family through North Canyons, LLLP, which retains ownership of the balance of the 3,343-acre project.
When completed, The Canyons will nearly double the size of the City of Castle Pines. With a vision of active, outdoor lifestyles and environmental stewardship, the community’s plans call for more than half of The Canyons to be dedicated to parks and open space, with 49 acres for public schools and 20 acres for civic uses, as well as areas for retail, restaurants and office space.
“We’re thrilled to add the Shea Homes name to this exciting project,” said Chetter Latcham, president of Shea Homes Colorado. “The vision for The Canyons is consistent with the Shea family’s legacy of creating landmark communities of enduring quality, which, in Douglas County, includes BackCountry and Tresana in Highlands Ranch, as well as Stepping Stone in Parker. We have forged a great working relationship with the Alpert family and Oread Capital in bringing this transaction to a successful closing, and welcome the opportunity to work together on The Canyons for years to come,” he added.
“This is an important step toward realizing our vision of bringing something original and unexpected to northern Douglas County,” said Mark Nickless, general manager of North Canyons LLLP. “Shea Homes embodies the level of creativity and quality we were looking for in a residential developer, and I know the company will bring a thoughtful approach to the project.”
“Shea Homes is known for collaborating with municipalities to deliver the types of communities and neighborhoods people value,” said Sam Bishop, director of community development for the City of Castle Pines. “We’re pleased to welcome Shea Homes to Castle Pines, and look forward to working with the company on this historic project. The Canyons will be Colorado’s next premier community, and a model for sustainable living in the 21st century,” he continued.
Shea Homes will begin infrastructure work on the residential portion of The Canyons in 2016. It expects to begin delivering lots to builders in 2017, with homes ready for move in in 2018.
About Shea Homes
Shea Homes, an independent member of the Shea family of companies, is the oldest and largest family-owned homebuilder in the United States. Shea Homes builds new homes in Arizona, California, Colorado, Florida, Nevada, North Carolina, Texas and Washington.
With choices to suit homeowners in every stage of life, Shea Homes offers new homes ranging from affordably priced condominiums and townhomes to traditional single-family detached homes and magnificent luxury residences. For more information about Shea Homes and its communities, please visit the company’s website, or follow Shea Homes Colorado on Facebook.
