Strong residential and commercial growth expected to continue in 2024
HILLSBORO, Ore., Dec. 19, 2023 /PRNewswire-PRWeb/ -- When 2023 began, homebuilders at Reed's Crossing by Newland had planned to sell at least 120 homes for the year within the 474-acre South Hillsboro development. With just weeks left before the end of the year, that number has exceeded projections and is on track to nearly double — to 230.
"Even with today's dynamic homebuying trends, in 2023 we continued to pique interest in the homes at Reed's Crossing, particularly those ready for immediate occupancy," said Eric Peterson, vice president of operations for Brookfield Properties. "We're proud to be working with such a talented and nimble group of builders who are helping us meet the demand of homebuyers seeking a safe, convenient and vibrant community to call home."
Reed's Crossing is, by density, Oregon's largest mixed-used master-planned community. In 2024, it is anticipated that up to 300 additional new homes will be built in the development. At any given time, there are an average of 36 homes available for sale within Reed's Crossing, giving buyers many immediate options for home sizes and styles.
Since Reed's Crossing broke ground in late 2018, six homebuilders have sold 1,074 homes, with up to 16 additional units anticipated to sell in the remainder of December 2023. Homebuilders include David Weekley Homes, Ichijo USA, Lennar, Richmond American Homes, Stone Bridge Homes NW and the recently added Holt Homes. With 2024 marking the halfway point toward full completion of Reed's Crossing, as many as 20,000 residents are forecasted to eventually live in approximately 4,000 new homes in the community.
Town Center
In addition to the surge in home sales this year, several new businesses have opened, or will soon open, in the bustling 34-acre Reed's Crossing Town Center. Less than a mile from every home in Reed's Crossing, the Town Center features Providence Health Center – Reed's Crossing, a medically integrated health center designed for holistic well-being, Active Wellness Center, featuring the latest in fitness, The Ackerly at Reed's Crossing, a new residence designed for older adults, and future luxury apartments.
Gramor Development is currently building an 111,000-square-foot retail shopping center in the Town Center on 10.5 acres, located at the intersection of Cornelius Pass Road and SE Blanton Street just south of Tualatin Valley Highway. The retail center is anchored by a 38,000 square foot Market of Choice. Other confirmed tenants include: Shake Shack, Chimcking, Jamba Juice, Nikki Sushi & Steak, Spitz Mediterranean Street Food, Wells Fargo Bank, OnPoint, Cinnabon Swirl, Insomnia Coffee Company, White Birch Design Co., Club Pilates, Divine Nails & Spa, Heartland Dental Group and Pura Skincare. Tenants are planned to begin opening in the third quarter of 2024.
Outdoor spaces and amenities
Reed's Crossing will be home to over 80 acres of parks, paths and green spaces designed to provide the community with environmental balance, including a lush, 23-acre Greenway that runs through its center. In 2023, the City of Hillsboro embarked on the development of a 14-acre city park within Reed's Crossing that is set to include an amphitheater, bouldering area and more. Adding to the recreational spaces, a community garden and dog park are in the works along with a 21-acre portion of the Bonneville Power Administration trail corridor — a green space amenity still under construction.
Educational infrastructure
In fall 2023, the Hillsboro School District opened Tamarack Elementary School, equipped to accommodate 600 students. This state-of-the-art facility boasts a STEAM lab (science, technology, engineering, arts and math) and several group learning areas along with a gymnasium and turf field for community recreation. A special feature of the school is the installation of a rooftop solar array; the plan is for solar output to be monitored on a website so students and others can understand how much power is being produced and used by the school.
Since its beginning, Reed's Crossing has focused on enhancing playtime with playgrounds designed to teach families about local habitats. Educational features address stormwater management, wetland plants and local wildlife to help make learning a fun and immersive experience.
Housing market outlook
"Reed's Crossing has reached an exciting turning point, with the Town Center and more outdoor amenities coming to fruition," said Peterson. "As we move into 2024, Reed's Crossing is poised for significant momentum as we continue working toward our commitment to building a thriving, well-rounded and accessible community with homes and amenities that cater to all ages and lifestyles."
About Reed's Crossing by Newland
Reed's Crossing by Newland is owned in a joint venture partnership between North America Sekisui House, LLC (NASH) and Brookfield Residential, and is proudly managed by Brookfield Properties. These partners share a deep commitment to sustainable development practices and apply these core values to the vision, planning, and development of their communities. Reed's Crossing by Newland is one of more than 20 communities this partnership manages together across the U.S. For more information, visit reedscrossing.com.
For more information, press only:
Liaison Inc.
Kelliann Amico
(503) 796-9822
SOURCE Reed's Crossing by Newland
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