A prominent Salt Lake City residential development will change hands in the next few months.
Rio Tinto Kennecott has reached an agreement with Minneapolis-based investment firm Värde Partners to sell its land and associated assets in the Daybreak Community. The sale includes approximately 500 finished home sites, 2,500 acres of undeveloped land, the Glass House Information Center, the SoDa Row Retail District, Oquirrh Lake and associated secondary water assets. Terms of the transaction were not disclosed. The community plan intersperses compact neighborhoods with parks and community gardens, a commercial district, and all the public buildings required to support a community of some 20,000 residences, according to this BUILDER article. Several builders offer homes there, including Garbett, David Weekley, Rainey, Destination, and Holmes.
“This divestment will facilitate fresh capital to fund Daybreak’s continued growth and expansion, and contribute to Kennecott’s cash flow and flexibility as we streamline our business and focus on mining,” says Nigel Steward, Rio Tinto Kennecott managing director. “Daybreak is an exceptional community with tremendous value, and we are confident Värde Partners will continue to move the Daybreak vision forward.”
The deal is scheduled to close in early summer 2016, upon which certain funds managed by Värde Partners will assume ownership of Daybreak and its associated assets, forming a new company that will continue development and operations of the community. Key members of Daybreak’s current management team will continue with the new venture.