Home AEC Shea Homes Purchases More Than 150 Parcels of Land in Bonney Lake...

Shea Homes Purchases More Than 150 Parcels of Land in Bonney Lake for $28.2MM

Bonney Lake, Tehaleh, Shea Homes Washington Inc, Newland Communities

By Kate Snyder

Two organizations that have been part of the construction of Bonney Lake’s residential Tehaleh development were recently involved in a sale for multiple parcels of land in the city. More than 150 parcels of land in Bonney Lake traded hands for $28.2 million, according to Pierce County public records. The buyer was an entity affiliated with Shea Homes Washington, Inc., which has long been one of the builders for the Tehaleh community. The seller was an entity affiliated with Newland Communities, which is the developer of the Tehaleh project.

Property records show that the parcels are located on the southeast corner of the city. The parcels include lots with addresses on 150th Street E, 151st Street E, 206th Avenue E and 207th Avenue E.

Tehaleh is slated to become a 4,700-acre mixed-use planned community within Pierce County’s urban growth area, according to the development’s website. When complete, Tehaleh is planned to feature more than 1,800 acres of parks, trails and open space; up to 9,700 homes; and 475 acres dedicated to employment uses. Construction on the first homes began in 2012, with plans for the project to be completed over the course of 20 years.

Shea Homes is a private homebuilder that works across the nation, according to the firm’s website. Since its founding in 1968, Shea Homes has built more than 100,000 homes. The company is active in California, Arizona, Nevada, Colorado, Washington, Idaho, North Carolina, South Carolina, Florida, Virginia and Texas.

Newland has been in operation for more than four decades as a real estate development company, according to the firm’s website. The company has been focused on the creation of mixed-use communities throughout the United States. To date, the firm has 17 communities in nine states, according to its website. The group is also involved in the development of 1,311 acres of mixed-use and commercial property nationwide.