As I was picking through the Coral Canyon website, I came across an article titled SITLA Acquires Coral Canyon Development. According to the article, the Utah School and Institutional Trust Lands Administration has acquired SunCor Development Company of Arizona’s interest in the Coral Canyon master planned community.
Coral Canyon, which is located in Washington County, Utah, is the premier master-planned community in St. George. The community currently boasts over 1,000 homes, exceptional amenities and an award-winning golf course.
Coral Canyon was developed under a master development lease from SITLA by SunCor. In turn, SunCor manages lands that are granted to the state by Congress, which financially supports Utah’s public schools and other public institutions.
With the completion of the acquisition, SITLA purchased all of SunCors assets, which resulted in the termination of the master lease. However, the agreement excludes the rights to the Coral Canyon golf course grounds, which were sold by SunCor to Vanguard Golf Management of Lehi.
By strategically selling many master-planned communities throughout Utah, it has given Utah’s school trust a great business opportunity. The Coral Canyon project alone provided Utah’s public schools and universities with over $15 million in revenue.
SITLA currently manages 3.5 million acres of state trust lands in the state of Utah, which are all for the support of public education, universities and other institutions.
SunCor will continue to maintain an office within Coral Canyon as both parties transition. And, SITLA will continue to maintain the current level of community amenities.