ST. GEORGE, UT – Joint-development partners PEG Companies [“PEG”] and Woodbury Corporation announce the successful closure of a construction loan through Sunwest Bank for the inaugural phase of development on a 47-acre parcel of land nestled within the vibrant master planned community of Desert Color.
The project, which will unfold over several years and phases, will transform the parcel into a dynamic mixed-use destination featuring multifamily residences, retail spaces, a grocery-anchored shopping experience, the area’s exclusive gas station, diverse dining options, a town center, and more. A key component of the project’s first phase is the construction of 180 upscale apartment homes distributed across four contemporary buildings. Complementing the residential offerings, a spacious clubhouse and fitness center will cater to the health and wellness needs of residents, while a resort-style pool, complete with a 140-foot-long lazy river, will provide a unique and relaxing experience. In addition to the multifamily component, construction on three retail buildings is currently under way.
“This joint endeavor with Woodbury Corporation exemplifies the power of collaboration in shaping the future of St. George, a region both partners are committed to supporting. Desert Color at St. George is not just a development; it’s a vision brought to life, and we are excited to deliver an exceptional experience that will provide value and enjoyment for decades to come,” said Cameron Gunter, Chief Executive Officer at PEG.
Situated within the expansive Desert Color master-planned community, the multifamily development is a key component of the larger vision for the area—to provide “something for everyone.” The Desert Color master plan aims to seamlessly integrate residential, commercial, recreational spaces and differential amenities that foster a cohesive and vibrant lifestyle for residents and visitors and that meet our economic, environmental, and social sustainability objectives.
PEG and Woodbury Corporation commenced construction on their 47-acre parcel in 2022. The development will unfold over multiple phases, with another 120 additional multifamily units and additional retail coming in the second phase and culminating with a grand paseo. This central thoroughfare will host experiential retail establishments such as exercise classes and gyms, sports bars, upscale shopping, and more.
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About Desert Color:
Desert Color is a master-planned community built around connectivity, community, and sustainability. It is a place where you will find the best of everything that Southern Utah has to offer. Located alongside I-15 and Southern Parkway, Desert Color will be built atop a 3,350-acre lot east of the interstate. It will feature residences, shopping, dining, entertainment, commercial, retail, hospitality, and recreation.
About PEG Companies:
Founded in 2003, PEG Companies ["PEG"] is a vertically integrated commercial real estate investment firm focused on opportunistic and value-add opportunities in the Mountain West and across the United States. Initially best known for its creative and well-executed real estate developments, PEG today encompasses five synergistic companies that each manage a different phase of the commercial real estate investment process. Currently, PEG’s robust $2.4B AUM includes assets in multifamily residential, single-family rental communities, student housing, office, mixed-use, and hospitality throughout 29 states and two Canadian provinces. PEG Companies employs more than 1,200 employees nationwide.
About Sunwest Bank:
Founded in 1968, Sunwest Bank is a privately held commercial bank with more than $2.5 billion in assets. Headquartered in Sandy, UT, with operations in California, Arizona, Idaho, Utah, and Florida; Sunwest is an entrepreneurial business bank with a long tradition of providing excellent service to entrepreneurs, privately held corporations, family offices, small-medium sized businesses, and real estate developers throughout the United States. Sunwest Bank is a Member FDIC and Equal Housing Lender.
About Woodbury Corporation:
Founded in 1919, privately held Woodbury Corporation is one of the oldest and most respected full-service real estate development companies in the Intermountain West. Headquartered in Salt Lake City, Woodbury Corporation owns and manages over 14 million square feet of retail, office, hotel, residential, and industrial buildings across 16 states. Woodbury Corporation is the recipient of Marriott’s prestigious Partnership Circle Award. For more information on Woodbury Corporation’s properties and projects, visit http://www.woodburycorp.com.
