A major real estate development company in Salt Lake City plans to start the first phase of a 338-lot housing development in Tooele on 86.4 acres in the area of 1000 N. 400 West sometime this fall.
The project is called Lexington Greens at Overlake.
“We already have sold phase 1 of 164 lots to various builders, including two from Tooele County,” said Matt Smock, managing director of Zenith Development LLC.
The company has completed housing and commercial real estate projects in Utah, Arizona and Nevada.
Smock mentioned his company’s Centennial/Suncrest Project in Draper. The 4,500-acre project consists of 2,000 single-family residential units.
“What we like about Tooele is the ability to provide quality, affordable housing, giving people the opportunity to buy instead of rent,” Smock said.
He said lot sizes would measure about 7,000 square feet or about one-fifth acre. Most would be three bedroom, two-bath units, and prices would range from $265,000 to $320,000.
“A similar home in the Salt Lake metro area would cost $400,000 or more,” Smock said.
He said Lexington Greens will provide homebuyers with a walkable community and a blend of housing types and in an array of price-points.
The Zenith Development LLC land is west of Walmart and north of state Route 112
Smock said his group had been looking for property in Tooele near the heart of the business district.
Laney Riegel, of Mustard Seed Realty, represents Zenith Development LLC on the Lexington Greens project.
“This project is a transformational project that reinforces the sense of community that exists here in Tooele — and will provide something for everyone,” Riegel said.
She said builders hope to complete 15 model homes this fall with an upswing of more construction in mid-spring of 2019.
“There are six exceptional builders that intend on building in the first phase,” Riegel said.
She said in addition to the single-family lots, there will be a number of green spaces and pathways to compliment the development.
Jim Bolser, Tooele City Community Development director, indicated there has not been much progress yet on the approval process for the development.