REDIII - SAGE CREEK DEVELOPMENT
INVESTOR UPDATE | MARCH 2026
Phase 1 of the Sage Creek development is in the final stages of completion, with power energization as the primary remaining milestone. The project team has used this period strategically, advancing Phase 2 infrastructure in parallel to accelerate future timelines.
EXECUTIVE SUMMARY
Phase 1 completion is on track within the next 4–8 weeks, with power delivery as the final gating item. The utility company has updated its requirements, now requiring the three-phase power infrastructure — originally planned for Phase 2 and the pond pump systems — to be fully installed before energizing Phase 1. Gas installation is staged and ready to begin immediately upon power sign-off, with an expected completion timeline ahead of the power schedule.
The Phase 1 closing with DR Horton remains pending and will proceed once utilities are finalized and approvals are in hand. Importantly, the team has leveraged the Phase 1 punch list period to make significant progress on Phase 2 underground infrastructure, putting the project in a materially stronger position for Phase 2 execution.
PROJECT ACTIVITIES
KEY ACCOMPLISHMENTS
  • Phase 2 Infrastructure Advancement: Substantial Phase 2 underground infrastructure work completed in parallel with Phase 1 finalization, significantly compressing future Phase 2 timelines.
  • Gas Installation Staged: Gas work is fully prepared and ready to commence immediately upon utility power sign-off.
  • Phase 1 Punch List Progress: The team has continued working through remaining Phase 1 items during the utility coordination period, ensuring lots are positioned for delivery upon energization.
PRIMARY FOCUS AREAS
  • Utility Power Resolution: Coordinating with the utility company to complete three-phase power infrastructure installation and secure energization of Phase 1. This is the critical-path item for project completion.
  • Gas Installation Execution: Ready to begin immediately following power sign-off, with completion expected ahead of the power timeline.
  • DR Horton Closing Preparation: Maintaining ongoing communication with DR Horton and preparing for closing proceedings once final utility approvals are secured.
MAJOR MILESTONES
  • Next 4–8 Weeks: Target Phase 1 completion, contingent on three-phase power energization.
  • Post-Energization: Gas installation commences and completes on an accelerated timeline.
  • Upon Final Approvals: Phase 1 closing with DR Horton to follow.
  • Ongoing: Phase 2 infrastructure continues to advance, positioning for accelerated lot delivery.
STRATEGIC DEVELOPMENTS
Parallel Phase 2 Progress
While working through Phase 1's final utility requirements, the project team has strategically advanced Phase 2 infrastructure work. This parallel execution means Phase 2 is significantly ahead of where it would typically be at this stage, reducing future development timelines and maintaining crew momentum on-site.
Enhanced Pricing Strategy
Phase 2 lot pricing continues to target values near $200,000 per lot, representing a substantial improvement over Phase 1 pricing. The project team continues to evaluate sales strategies across multiple builders to maximize pricing potential and reduce buyer concentration risk.
Utility Requirement Update
The utility company revised its original approval for single-phase service to Phase 1, now requiring the three-phase infrastructure (supporting pond pumps and Phase 2) to be completed prior to energization. The team has adjusted its execution plan accordingly and this work is underway.
LOOKING FORWARD
The Sage Creek project remains well-positioned despite the updated utility requirements. The team's ability to advance Phase 2 infrastructure during the Phase 1 completion period represents a meaningful acceleration of the overall project timeline. Once power is energized, the remaining items — including gas installation and final approvals — are expected to move quickly, clearing the path for the DR Horton closing. The project team continues to execute with a focus on maximizing returns through efficient multi-phase development and an enhanced Phase 2 pricing strategy.

This update reflects project status as of March 2026. For specific questions or additional information, please contact the project management team.
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