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Press Release

West Valley OK changes to pact with Ivory Homes

The West Valley City Council has approved changes to its development agreement with Ivory Homes, allowing development of the Highbury residential community to go forward with a new product type.  In addition, the amendment allows density to be redistributed within the development.
Located on 5600 West between 3100 South and 2400 South, Highbury at Lake Park is the residential component of the larger Lake Park multi-purpose project being developed by Zions Securities.  The entire project totals 1,000 acres, said Chris Gamvroulas, president of Ivory Development, and includes the Stonebridge Golf Course and corporate offices for Discover Card and Intermountain Health Care, as well as a corporate center and additional office space.
Ivory Homes has so far been approved 444 units, a combination of townhomes and single-family detached homes.  The recently approved amendment to the development agreement allows Ivory Homes to go forward with a new single-family product type that fronts onto green space and permits higher density, Gamvroulas said.  Some proposed townhomes have also been moved to another portion of the development.
Ivory Homes' construction, in Highbury began in 2006 and first phase of townhomes went up in the summer of 2007, with single-family homes hitting the market soon afterwards.  Of the 120 units built so far by Ivory Homes, 100 units have been closed, Gamvroulas said, 75 of them townhomes and 25 of them single-family homes.
The market will dictate how quickly the remaining approved units are built, Gamvroulas said, but he anticipates that homes in Highbury will continue to sell well.
"We're working hard and marketing that project a lot," he said.  "Our plan is that even in a challenging market people still sell homes.  We're very excited to keep momentum going."
Ivory Homes townhomes in the Highbury development range in price from $180,000 to $260,000, Gamvroulas said, while single-family homes can cost anywhere from the mid-$200's to $500,000.  The larger development also includes apartments developed by Cowboy Partners and townhomes developed by Garbett Homes, as well as trails, a lake system, parks and shopping and quick and easy access to the freeway.
"It's a great eclectic mix of variety of land uses," Gamvroulas said.