Single-family builders sign on at Reed's Crossing
A local woman-owned homebuilder is one of two companies that recently closed on contracts to begin building the first homes in the South Hillsboro development of Reed's Crossing.
Stone Bridge Homes Northwest, based in Lake Oswego, and Lennar, a national company recently named Builder of the Year by an industry magazine, are expected to begin constructing single-family homes within the next few weeks.
When completed in 2028, Reed's Crossing is expected to be the largest of three districts that will make up South Hillsboro, a 1,200-acre spread of Washington County land located between Hillsboro's urban growth boundary and 209th Avenue, and bordered on the south by Rosedale Road and on the north by Tualatin Valley Highway.
The city of Hillsboro spent 20 years developing a master plan of housing, parks, green spaces and schools and that will add as many as 20,000 people to the city's current population of 100,000 when build out is completed
Between 9,000 and 10,000 of those people will live in single-family homes, apartments and condominiums in Reed's Crossing, with the remaining amount split between the other two districts, Roseland Park and Butternut Creek.
Reed's Crossing, which encompasses 463 acres, is expected to contribute as many as 3,000 single-family homes and about 1,500 apartments or condominiums to the 8,000 dwellings that will rise in South Hillsboro, said David Brentlinger, vice president of operations for developer Newland Real Estate.
Stone Bridge and Lennar are two of four builders that will construct single-family residences. The third is expected to close on a contract by the end of the year, with the fourth being announced by the end of the first quarter of 2019.
Single-family homes prices are expected to run from approximately $350,000 to $700,000, a range that Brentlinger said offers "multiple levels of affordability."
Newland will contract with a fifth building company for the multifamily component. Although that company has not yet been identified, Brentlinger said construction on that phase could begin by next summer.
Reed's Crossing also will include a town center set on 36 acres at the corner of Cornelius Pass and Tualatin Valley Highway. Right now, the town center is in the early planning stage, but Newland is considering a mix of commercial and retail tenants that could include restaurants, a coffee house, a bank or credit union, a grocer and possibility even some private medical service providers. Brentlinger said he expects construction will start in in early 2021.
Despite widespread debate about whether Oregon is headed for a recession in the future, Brentlinger said his company is confident it's picked the right time to move forward with bringing new dwellings to the market in Washington County.
Local statistics indicate while Washington County has more than 300,000 jobs, it has a little more than 200,000 homes. That means a lot of people are commuting from outside the county — a population that Newland hopes to attract to Reed's Crossing.
"As roads get fuller and fuller, that commute is going to get less and less fun," Brentlinger said.
Even if the local economy does dip, large-scale, master-planned communities like Reed's Crossing tend to experience little impact, according to Brentlinger
"Master planned communities hold their value better than individual homes or subdivisions," he said. "So, we're better equipped to weather any softening of the market."