In June 2020, landowners voted to approve the sale of a pre-development land parcel located in El Paso County, Colorado to a U.S. homebuilder.
The purchaser has executed an option agreement whereby this 1,262-acre master plan will be transacted in multiple phases, with distributions anticipated to be made to land investors over the course of the entire community development.
The purchaser will obtain the remaining planning and entitlement approvals and initiate development including the installation of the significant infrastructure improvements required to service the proposed residential master-planned community of approximately 5,750 homes.
“We are excited to be involved in the continued expansion of the Banning Lewis Ranch development, a top selling community in Colorado Springs,” said Jennifer Ruby, Senior Vice President, Land (AZ & CO), Walton Global Holdings, Ltd. “Upon development completion, the master plan will offer a variety of housing options along with retail and commercial components, forming an inclusive neighborhood.”
Banning Lewis Ranch is a large master-planned community with scenic views of Pikes Peak. The community offers amenities including a community recreation center and many parks. It continues to be one of Colorado Springs’ top selling communities.