IHP Capital Partners and Fieldstone Homes announced their joint venture in the acquisition of 63 large single-family lots in Saratoga Springs, Utah, for the development of a new community named Alpine Springs.
The companies acquired the community’s 21-acre site from Alpine School District. Groundbreaking is scheduled for Q1 2022 with presales beginning in Q2 2022. Model homes and a grand opening are expected in Q4 2022, and project completion is anticipated in 2024.
“IHP is pleased to partner with Fieldstone on another project that will bring much-needed quality new homes to the Salt Lake City region,” says Reneé McDonnell, managing director at IHP Capital Partners. “Large-lot infill communities are uncommon and consistent with Fieldstone’s bold approach to residential development. Their team recognized this unique opportunity to secure the lots and build well-designed homes full of modern features and customizable options that will appeal to millennials and families looking for a spacious, family-centric living experience.”
The Alpine Springs lots range in size from 9,000 to 17,700 square feet with an average size of 10,500 square feet. The community will offer six floor plans that include two rambler and four two-story layouts ranging in size above grade from 1,700 to 2,750 square feet. The homes will include three or four bedrooms, two-and-a-half bathrooms, and an unfinished basement, with several options to add customized features such as two-story great rooms, multiple family rooms, an additional bathroom, covered porches, accessory dwelling units, and fully finished basements. Pricing for the homes is yet to be released.
“Saratoga Springs ranks as one of the safest cities in Utah. It offers beautiful views and picturesque open spaces along Utah Lake, making it a top destination for both locals and the many new residents moving in from out of state,” says Jason Harris, vice president of land acquisitions at Fieldstone Homes. “Salt Lake City’s regional housing supply is still far below where it needs to be to meet the demand of the expanding local population. Fieldstone is leaning into its experience and expertise in this market, and with the support of IHP’s partnership, we’re bringing three of our proven buyer-favorite floor plans and incorporating three new home designs to Alpine Springs.”
Approximately 35 miles south of Salt Lake City, Saratoga Springs is a rapidly growing city in northern Utah County on the west side of Utah Lake. The area offers miles of trails for hiking, running, and biking, and is proximate to off-roading and mountain biking opportunities, as well as boating, fishing, and other water sport activities at the Saratoga Springs Marina.
