Meridian-based Coleman Homes expects to double its 2015 luxury home production numbers in the Treasure Valley in the coming year after its purchase by national home building powerhouse Toll Brothers.
“We hope to grow to 400 homes next year or more,” Coleman Division President Thomas Coleman Jr. said.
Coleman expects to finish 2016 with about 300 new homes. The company built 203 homes in 2015 and 186, 194 and 143 homes in the prior three years. In all, Coleman Homes has built about 1,100 homes since arriving in Boise in 2004, according to company statistics.
Coleman Homes, retaining its name, will remain “virtually identical in terms of anyone interacting with us,” Coleman said. “We are still building the same housing. We just have a lot more resources at our disposal.”
Coleman now has the backing of Toll Brothers, which ranks No. 628 in the Fortune 500 with annual revenue of $4.1 billion, making it the No. 1 homebuilding company in the country.
The Coleman family has experience with Toll Brothers. Coleman’s father, Thomas Coleman Sr., sold the family’s Coleman Homes in Las Vegas to Toll Brothers in 1997.
Coleman Sr. started Coleman Homes in Bakersfield, Calif., in 1972, which remained the main operation until he sold it in 2003. Coleman Sr. expanded to Las Vegas in 1980.
Meanwhile, Coleman Jr. had not been to Bakersfield since high school and moved to Boise in 2004, first as a land developer. He re-established Coleman Homes in 2007.
“My dad was living in Santa Barbara,” Coleman Jr. said. “We looked in a 1,500-mile radius at communities with opportunity. One was here. Mostly, it was economic. Population growth and employment growth is quite steady. Personally, it’s a nice place to live.”
Toll Brothers ownership will allow Coleman Homes to move ahead with four new housing communities for which the company had been cash-constrained until now.
Coleman Homes in Meridian was Coleman Jr.’s company with Coleman Sr. involved as an investor.
“Around the end of 2015, dad and I talked about trying to limit his investment in the business,” Coleman Jr. said. “This coincided with an option to get more equity into the business (with Toll Brothers).”