Shea Homes chosen as builder for RidgeGate project

Southwest village is first of three communities to be built east of I-25

Staff report
Posted 8/5/19

Shea Homes has been chosen as the master homebuilder for the southwest residential village, the first of three RidgeGate communities that will be built east of I-25 encompassing the initial 1,800 …

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Shea Homes chosen as builder for RidgeGate project

Southwest village is first of three communities to be built east of I-25

Posted

Shea Homes has been chosen as the master homebuilder for the southwest residential village, the first of three RidgeGate communities that will be built east of I-25 encompassing the initial 1,800 homes.

The southwest village is expected to include a wide range of home types and price points. RidgeGate and Shea Homes expect construction to begin in early 2020, with residents beginning to move into homes by mid-2021.

“We are pleased to announce this partnership with Shea Homes, which is an ideal homebuilder to oversee our first residential village as they offer a diverse mix of home products and have vast experience developing and building homes in the area,” said Keith Simon, executive vice president and director of development for Coventry Development Corp., the master developer for RidgeGate. “This comes at a perfect time for RidgeGate as the west side is nearly all built out, and we are continuing to see strong demand for residential homes in the community thanks to the connectivity, amenities and the recent opening of RTD's Southeast Light Rail Extension.”

The residential villages will help kick off RidgeGate's eastern expansion. RidgeGate recently announced the expansion to the east side of I-25, marked by the opening of three new light rail stations — the RTD Southeast Rail Extension, comprised of the Sky Ridge Station, Lone Tree City Center Station, and the RidgeGate Station in May.

Additionally, the development of Lone Tree's first city center will serve as the hub of activity for the area complete with 32 city blocks of urban development, including office, hotel, residential, retail, dining and entertainment, as well as several large and important public spaces.

“This is an exciting time for the City of Lone Tree, and Shea Homes is thrilled to play a role in bringing the city's master plan to life on the east side of I-25,” Chetter Latcham, president of Shea Homes Colorado, said in the release. “We're especially looking forward to partnering with RidgeGate in creating residential villages in this area because of its unique Lone Tree City Center plans, walkable streets, schools, parks, open space and public event spaces. We see this as an opportunity to use our capabilities as a developer and homebuilder to contribute to a new and thoughtful kind of community — one that draws on the best of urban experiences and amenities within the area and combines them with the conveniences of suburban living.”

The Lone Tree City Center will be a 400-acre urban district on RidgeGate's east side that will be built out over the next several decades and will serve as the new downtown for Lone Tree centered around a light rail station and mixed-use transit-oriented development. Two additional commercial districts, the Lincoln Avenue Commercial District, near the new CU Denver South campus, and the mixed-use RidgeGate Village Center along RidgeGate Parkway, will offer future civic amenities, retail, and restaurants and support a walkable village environment.

Ultimately, the east side will include up to 12 million square feet of office, retail, hospital/medical space, up to 10,000 homes, and more than 600 acres of parks, trails and natural habitat. Up to 40,000 new jobs will be created as the Lone Tree City Center comes to life.

RidgeGate has also committed to the inclusion of 350 units of affordable housing in RidgeGate's east side, and the donation of over 145 acres of land for new civic facilities and public schools.

“We are excited that Shea Homes has been selected as the developer for RidgeGate's Southwest Residential Village. Shea Homes has a strong, long-standing reputation of building high-quality homes and being an excellent partner,” Lone Tree Mayor Jackie Millet said in the release. “We look forward to seeing how the east side develops and further complements the many great amenities we offer in Lone Tree.”

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