of marketing. Currently, 185 families live there. When
the development is complete, it’ll have 13,250 residential units ranging from single-family homes to
apartments, townhomes and condos.
Complementing the residential will be 1.1 million
square feet of commercial and retail space that will
include offices, a veterinarian’s clinic slated to open
in 2017 and Smith’s Marketplace, a grocery, landscaping, housewares, and more store expected to open in
the first quarter of 2018.
To encourage walking and biking, all streets include
bike lanes. The developer has also introduced a free
bike-sharing program with 20 bikes currently available
for pickup at four locations within the community.
Denver-based Coventry Development Corp. is also
creating expansive but still walkable communities.
It’s currently in the thick of building two large-scale
communities on previously undeveloped sites, according to Keith Simon, executive vice president.
RidgeGate, a 3,500-acre mixed-use community in
Lone Tree, Colo., began in the early 2000s with
the Sky Ridge Medical Center as its centerpiece. Its
20-year development plan is still underway, adding
residential neighborhoods, retail and office space.
Also under construction is Springwoods Village,
a mixed-use, walkable community about 20 miles
north of downtown Houston that broke ground in
2011. ExxonMobil has a 10,000-employee office campus at the property, as does Southwestern Energy, with
1,000-1,500 on-site employees. Those are within walking distance to three residential neighborhoods, two
hotels and a hospital.
For Coventry, the idea isn’t to re-imagine underper-forming commercial properties. “We typically take
large parcels of land, in the 2,000-4,000 acre range,
out from core of the cities they surround but along
highway corridors that at the time were on the path
of growth,” says Simon. “We purchased all these parcels in the 1960s and 1970s when there was nothing
out there. Fortunately, our group has great patience
and had no debt and waited for the time to be right.”
The property on which Springwoods Village sits was
purchased in 1961 and has been managed by Coventry as a pine forest since. “We’re trying to keep the
Cadence is a 2,200-acre
in Henderson, Nev.,
about 15 miles
southeast of Las Vegas
When the Cadence development in Henderson,
Nev., is complete, it’ll
have 13,250 residential units ranging from
single-family homes to