Property Name: CORDERO RANCH
Cedar City, nestled in the heart of Utah, is the location for 3,000 high-quality, smaller footprint homes
inside a full-service luxury community. Our residences there will start at 650 square feet at a price of
USD 200,000, and a substantially lower carbon footprint than a traditional housing development.
Site Map
Location: Cedar City, Utah; 37.638747, -113.156263.
Focus: Establish a large, self-contained high-quality, yet affordable, living community that inspires quality and recession-proof home ownership, mixed with a full-quality lifestyle setting, coupled with a demographic supportive of the environment: veterans housing, seniors, and personal security. Create a mixed-use community that encourages sensitive site design, provides ample recreation/open space amenities, and conserves and preserves natural resources. Solve the massive, unhoused problem in the United States.
Size: 1,361 acres (551 hectares).
Competitive Thesis
Affordability: High-quality, smaller footprint homes (starting around 650 sq ft) inside a full-service luxury community starting at USD 200,000, targeting a USD 1,500 monthly mortgage.
Competitive Advantage: The city has recently zoned large competitive and adjacent entitled parcels into ‘low-density’ zoning, giving Greenbriar the only large piece of real estate that can now use this updated set of zoning regulations for higher-density units.
Summary Economics: Discounted Greenbriar’s share (using 20% overall carry as lead project developer and sponsor) of the present value of free cash flow: USD 71.5 MM (CAD 96.4 MM).
Positive Environmental Impact: Conservation and preservation of natural resources in environmentally sensitive areas is a key component of the land plan. The plan ensures compatibility of new development with the existing environment, including encouragement of water conservation and smart green design. Integration of existing riparian corridors as open space will increase connectivity and pedestrian circulation.
Status: Planning and Permitting.
Timeline and Asset Lifespan: Roughly a 7-year horizon, starting in one year.
Partners in Site Development: Richard Phillips Construction, TS Media, Nerd Power.
Key Regulators: Cedar City, Iron County Utah, State of Utah.
Risks and Mitigants
– Decline in Demand: Unlikely given the city’s growth and job growth at nearby employers, plus retirees moving in from nearby states due to the safe and welcoming community, at a full pricing level that is less than 50% of the price of where the retirees are coming from, plus the smaller models are 60% of the average price of new regular homes in Cedar City.
– Increase in Supply: Limited land availability due to water constraints. The landowner donated 775 acre-feet to the City and is guaranteed that amount to build homes.
Economic Details and Valuation
Total Greenbriar’s Share of Asset Revenue: USD 253.1 MM.
Discounted Greenbriar’s Share of Present Value of Free Cash Flow: USD 71.5 MM.
