2006-12-18, 16:04

A new subsidiary to build green mixed-use communities

By: Jonathan Groner
Please note this new article from Multi-Housing News, reprinted here in its entirety. This reinforces ideas that I have noted before -- that mixed-use development often goes hand in hand with "green" development and that the Southeast United States is a terrific market for mixed-use communities.

The majority of this new subsidiary's target areas are in the Southeast -- Charlotte, Raleigh-Durham, Charleston, and Northern Virginia. The article says these are "areas with up-and-coming demographics with recent population and job growth, strong economics and expected increases in demand for residential and office space." My law firm, Womble Carlyle Sandridge & Rice, has offices in three of these four areas -- all except Charleston, S.C.

New Lane Industries Subsidiary to Develop "Green" Mixed-Use Communities

By Kelly Sheehan, Online News Editor

DECEMBER 15, 2006 -- Northbrook, Ill. -- Lane Industries Inc., a holding company based in Northbrook, Ill., has formed LaneTerra LLC, a subsidiary that will develop environmentally friendly, mixed-use projects in the Southeast, Southwest and Western U.S. markets.

The LaneTerra team is being led by Bill Keating, as president. Sharon Walton, a former senior accountant with Lane Industries, is the subsidiary's vice president of finance. "We believe that we have the duty to develop projects to not only meet the needs of current users, but to ensure future generations will be able to enjoy the land and its resources," Keating said.

The subsidiary's mission is to "create great places for people to live, work and visit that benefit the communities in which they are located." Its economically diverse projects will utilize recycled materials and renewable energy construction and development processes. They will also include open space and provide walking access to local business that will be incorporated into the communities.

Projects will be located in areas with up-and-coming demographics with recent population and job growth, strong economics and expected increases in demand for residential and office space. These include the geographic markets of Austin, Texas; the Western Slope in Colorado; Charleston, S.C.; Charlotte and Raleigh-Durham, N.C.; and Northern Virginia. LaneTerra also plans to expand its presence in Phoenix.

Two LaneTerra projects are currently in progress. Tavachi, in Basalt, Colo., about 20 minutes from Aspen, a popular winter sports destination, is a 68-acre, mixed-use development with residential and retail components. The Park at San Tan in Chandler, Ariz. is a 16-acre, mixed-use community with office and retail space.

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