Developer acquires approximately 400 acres from Colorado State Land Board
Southern Land Company (SLC), a national real estate developer of award-winning master-planned communities and mixed-use developments, has purchased approximately 400 acres of land directly north of Westerly, its under-construction master-planned community in Erie, Colo., from the Colorado State Land Board. The newly purchased parcel is bound by Erie Parkway to the south, County Road 10 to the north, County Road 5 to the west, and County Road 7 to the east. SLC successfully secured the contract after completing a public bid process with the State of Colorado. SLC’s purchase of the parcel will help fund Colorado public schools.
The acquisition of the Colorado State Land Board parcel will essentially double the size of Westerly, which currently consists of 400 acres, located at the intersection of Erie Parkway and County Road 5.
With the new parcel, SLC plans to introduce approximately 1,500 for-sale homes, 400 rental residences, and approximately 205,000 square feet of commercial space, all within a traditional neighborhood setting. The new Westerly parcel will also feature amenities and outdoor recreation opportunities, including a swimming pool, abundant open space, and trails, to complement the amenities and outdoor opportunities planned for the original Westerly parcel.
The Colorado State Land Board is the second-largest landowner in the state and generates revenue on behalf of public schools by leasing nearly three million acres of trust land for assorted uses. The agency rarely disposes of trust land, and only does so when the reinvestment of the proceeds can provide a greater benefit to the Trust. The Governor-appointed Commissioners voted unanimously in favor of the transaction with SLC.
“We recognize what this land means to the State of Colorado by way of working with the Colorado State Land Board on this acquisition,” said Tim Downey, SLC founder and CEO. “It is not lost on us that the State Land Board rarely sells land and that funds generated by disposals benefit school children in Colorado. We have great intentions for the land and appreciate the State Land Board selecting us to steward it and use it to create community and celebrate the area’s natural landscape. Additionally, the State Land Board has our deep gratitude for their partnership throughout the entire complex process of getting to the closing table. We are thrilled to be on the other side and thank them for their collaboration.”
The original Westerly parcel will consist of approximately 1,200 homes featuring new, diverse designs, also within a traditional neighborhood setting. It will include a variety of trails, as well as expansive views of Longs Peak and the entire Front Range. More than 100 acres of the original parcel will be undeveloped open spaces. A community village center is planned, which will include a mixture of restaurants, shops, and services within approximately 35,000 square feet of commercial space.
In addition, the original parcel will feature Westerly Waypoint, a premier amenity center that will serve as a hub of active lifestyle opportunities in Westerly, complete with a resort-style pool, hot tub, fire pits, fitness studio, remote workspaces, and community rooms. The indoor space for community gathering and fitness will comprise 5,000 square feet. Westerly Waypoint will be located within close proximity to children’s play areas and Westerly’s Village Green, where additional fitness classes, special events, and social activities are already taking place. A dedicated community lifestyle manager will develop lifestyle programming at Westerly Waypoint and throughout the community. Westerly Waypoint is currently under construction and is expected to open in 2024.
Westerly residents will have access to all amenities, open spaces, trails, and commercial offerings in both components of the community. The two will connect by a new pedestrian underpass beneath Erie Parkway.
“This additional parcel of land will allow us to build on the vision we have held for Westerly for many years, and that is to create a beautiful, unique community that inspires residents to engage with their neighbors and their outdoor surroundings,” said Heidi Majerik, SLC vice president and general manager of Westerly. “Our tenets of intentional design, original architecture, quality craftsmanship, and a heightened focus on horticulture will be carried through to this new component of Westerly. We are tremendously appreciative to the Town of Erie for their support of our approach and belief that doing things a bit differently can lead to exceptional results.”
SLC Homes, SLC’s in-house homebuilding group, will be the primary builder within the new component of Westerly. SLC Homes builds exclusively in SLC communities and focuses on quality craftsmanship, high-end materials, elegant finishes, contemporary conveniences, and lush landscaping. SLC Homes began building in Westerly in May 2022 and continues to build there, along with building partners Brightland Homes and McStain Neighborhoods. Since home sales began in March 2023, 42 homes have been sold, and Westerly welcomed its first homeowners in April 2023.
Construction of homes on the newly purchased parcel is expected to begin in 2027, following extensive and meticulous land planning, entitlement, and development efforts.
SLC has considerable experience designing and developing master-planned and single-family communities in other parts of the U.S. In December 2022, SLC’s flagship master-planned community in Franklin, Tenn., Westhaven, won a Best in American Living™ Award from the National Association of Home Builders (NAHB), a prominent accolade recognizing achievement by builders and design professionals in the residential housing industry. Also in Tennessee, SLC has a 373-acre master-planned community underway in Nolensville. In Texas, SLC designed and developed Tucker Hill in McKinney.
SLC’s footprint in the Denver market extends to multifamily and mixed-use projects, too. SLC is currently building a collection of multifamily residences at the Karl’s Farm development in Northglenn. SLC previously developed, owned, operated, and sold the mixed-use projects Bespoke Uptown in Denver and Rêve Boulder in Boulder, as well as the multifamily project Centric LoHi in Denver. SLC has maintained a Denver office since 2017.
To learn more and receive updates on Westerly, visit www.westerlycolorado.com.