1. Over the past few years the land has been under option to buy from the seller, and we closed on it in August 2022.
2. The land has been annexed into the city, re-zoned for home lots, and master planned for several thousand lots.
3. The Bradley Ridge site is fully zoned with only administrative approval needed to finish entitlement and record individual lots. We are expecting fully entitled lots on filing 1 in the next 2 months. Filing 2 will be ready to submit in 2 weeks.
4. National homebuilders have given us Letters of Intent, and we are creating neighborhood layouts that they want. When we complete engineering in approximately 9-12 months, the builders will purchase the lots from us.
5. CO Springs is growing east, right into our lots.
6. Lots are in very high demand with National builders bidding up the price of lots due to lack of supply.
7. Projected sale date to National Home builders is June 2023. We will be working with National Home builders on the final layout and city approval for these lots.
8. We are buying the lots for $40,000 per lot. We are expecting to sell the lots for an average of $65,000 per lot.
