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August 18, 2022
As the DJC first reported early this month, Brookfield Residential (http://www.brookfieldresidential.com) and Toll Brothers paid $43 million for the former Covington gravel pit now branded as LakePointe. That could one day have, in addition to a new central lake, up to 1,750 homes (including some rental apartments), with a possible 1.3 million square feet of commercial space. The latter could include retail, office and a hotel and an assisted living facility. That was the approved plan under original developer and seller Oakpointe Communities.
But all those numbers are subject to change. In a statement this week from the new owners, Brookfield's Adrian Foley said, “This acquisition is an investment in our long-term commitment to the Pacific Northwest, allowing us to leverage our established land development expertise and expand our footprint in a dynamic, growing market.” Ground work began under Oakpointe, and is now continuing under Brookfield. Single family home sales should begin in 2024. No architect has been named for the retail/commercial component of the 214-acre development.