The State of Utah School and Institutional Trust Lands Administration has selected Ivory Homes to create a community of 995 residences at Hidden Valley in St. George.
The community will include a variety of housing, from single-family homes to apartments and town homes, as well as a park, an elementary school and a community center.
Hidden Valley is located about two miles southeast of the Bloomington interchange off I-15.
"The undertaking is expected to put multiple millions of dollars into Utah's Permanent School Fund over the next decade," said Kevin Carter, SITLA director.
The administration is an independent state agency that manages 3.4 million acres of Utah trust lands for the benefit of the state's schools. All income is put into a permanent trust, with interest and earnings going to the schools.
Ellis R. Ivory was the developer for the Bloomington area of St. George and the founder of Ivory Homes. He is chairman of the board of directors of the Deseret News Publishing Co.
Construction on the new community will begin in 2006.