Joint venture developing final phase of mature master plan, bringing high-end homes on large view lots to burgeoning tech region along Wasatch Front
LEHI, Utah & NEWPORT BEACH, Calif.–(BUSINESS WIRE)–#FieldstoneHomes—IHP Capital Partners, one of the nation’s leading real estate investment firms, and Fieldstone Homes, a nationally recognized homebuilder in Salt Lake City, today announced their joint venture (JV) in the acquisition of 113 single-family lots within the heart of Utah’s Silicon Slopes, in the city of Lehi. Named Canyon Point, the lots are in one of the final phases of the amenity-rich ±5,000-home Traverse Mountain Master Plan. The JV has commenced grading on the future hillside community, which offers sweeping mountain and valley views. The homes will be designed to appeal to homebuyers seeking an upscale, outdoor-focused lifestyle near the region’s flourishing technology-based employment center. Home sales are anticipated to open in late summer/early fall of 2021.
“Canyon Point brings the most desirable and secluded lots to Traverse Mountain. Set amidst a mountainous landscape and adjacent to an expanding technological hub, the community is the pinnacle of what the Silicon Slopes has to offer,” said Reneé McDonnell, senior vice president at IHP Capital Partners. “IHP is excited to partner with Fieldstone Homes on this development. Their team brings a high level of expertise in design and execution across various market segments in the Salt Lake region, and we look forward to our continued partnership.”
Canyon Point is positioned above Lehi and the rest of Traverse Mountain, providing expansive views that are unique to the development site. Canyon Point lots range in size from approximately 6,280 to 39,447 square feet, while most range from 8,000 to 9,000 square feet. The community will offer luxury homes that appeal to move-up homebuyers. Fieldstone plans to open a VIP list for interested homebuyers in Q2 2021.
Traverse Mountain’s amenities are complete and include multiple public and private parks, hiking trails, a community center with a large pool and reception area. Private and public schools are available, along with extensive retail establishments, including grocery stores, restaurants and the popular Outlets at Traverse Mountain shopping mall.
Canyon Point at Traverse Mountain is located northeast of the I-15 and SR-92/Timpanogos Highway freeway interchange. Less than 30 miles from Downtown Salt Lake City, Lehi is a blossoming center for technology-based corporations. Global companies such as Adobe, Oracle, Entrata, Ancestry, Xactware, Micron and others have established office locations in Lehi, as it offers a more affordable alternative to other tech-centric regions of the U.S., while also providing a preferred lifestyle for employees.
“Lehi’s healthy outdoor-focused and business-friendly environment attract top entrepreneurs and professionals from across the country,” said Jason Harris, vice president of land acquisitions at Fieldstone Homes. “The homes at Canyon Point will reflect the vibrant and collaborative character of the Silicon Slopes. As more individuals migrate to the Salt Lake region looking for an upscale active lifestyle, we share in their excitement for the future. We are pleased to partner with IHP Capital Partners in bringing this beautiful new community to life.”
Canyon Point is Fieldstone’s fourth community within Traverse Mountain and one of several projects IHP and Fieldstone are developing together.
IHP is a strategic partner for developers and homebuilders throughout the western U.S. The company currently has 32 residential projects in various stages of development in Utah, California, Oregon, Nevada, Washington, Texas and Arizona.
About IHP Capital Partners
Founded in 1992, IHP Capital Partners is one of the nation’s leading real estate investment firms. The company facilitates a path to success for its investor and development partners by providing equity for residential projects throughout the country, with a focus on the western U.S. A tactical partner and trusted fiduciary for nearly 30 years, IHP’s track record is built on experience, expertise and long-term sustained partnerships with well-known institutional investors and a wide range of the industry’s most notable builders and developers. For more information, visit IHPInc.com.
About Fieldstone Homes
Fieldstone Homes is a nationally recognized homebuilder that has been seen on the prestigious Inc. 5000 list. As one of Utah’s most highly ranked and trusted homebuilders for more than 20 years, Fieldstone Homes takes a bold approach to building communities and homes that stand out in quality, design and value. The company is a known leader in setting new trends in home design, creating unique and irresistible model homes and providing an unsurpassed customer experience. With over 5,000 Utah residences constructed, Fieldstone Homes leverages its strong knowledge and understanding of the regional market to deliver top-quality homes that meet the needs of today’s homebuyers. Thinking bold to create beautiful, one-of-a-kind communities is the essence of Fieldstone Homes. For more information, visit FieldstoneHomes.com.