Toll Brothers has purchased a plot in Covington, near Seattle, Wash. The $43 million transaction will be developed into LakePointe, a lakefront commercial/residential community, according to Marc Stiles of the Puget Sound Business Journal.
The namesake body of water covers 20 of the property’s 214 acres. It will remain, eventually coexisting with a planned 1,500 single-family homes and multifamily residences, 850,000 sq. ft. of retail space, and 90,000 sq. ft. of office space.
The seller was Oakepointe Communities, a Belleview, Wash.-based developer that had been working on the project for some time with partner Presidio Residential Capital, San Diego. The two entities originally envisioned a peninsula into the lake (hence the name LakePointe), on which the commercial and residential structures would rest. Their estimated budget for a project of that nature was more than $670 million.
Despite its local roots, Toll Brothers is no stranger to working in Seattle; it is now the eighth largest home builder there, based on the number of single-family homes it constructed (nearly 300).
More about Toll Brothers’ LakePointe plans on the northwest coast is at the Puget Sound Business Journal.
