First Stone Development
First Stone Development is a privately owned, full-service real estate development firm specializing in residential and mixed-use projects across Colorado, New York, and South Carolina, with a portfolio exceeding 800,000 square feet of for-sale and rental properties serving individual buyers and renters.
- Company typePrivate
- Founded2016
- HeadquartersDenver, United States
- Headcount1–10
- GTM typeB2B and B2C
- OfferingServices
What First Stone Development does
First Stone Development is a privately held, full-service real estate development firm founded by Leonard Taub in 2016 with headquarters in Denver, Colorado. The company specializes in residential and mixed-use real estate development, with a portfolio exceeding 800,000 square feet across Colorado, New York, and South Carolina. Its product range spans for-sale townhomes (Saola at Sloan's Lake, Vaquita in Highlands, Condor on Tennyson), mixed-use rental communities (POP Denver, The Jasper at 4353 Tennyson Street), luxury condominiums (Sunnyside Flats at Winter Park Ranch), and single-family gated communities (Hilltop West), as well as historical Manhattan projects including Gramercy Park (110 units, 145,000 sq ft) and 316 Bowery (luxury lofts).
The company generates revenue through two streams: one-time revenue from the development and sale of residential condominiums and townhomes to individual buyers, and recurring rental income from completed multifamily communities managed via partnerships with firms like Boutique Apartments. Distribution occurs through direct sales via an in-house licensed REALTOR (Lauren Vollono) and project-specific brokers. First Stone operates a lean organizational model (1-10 employees) under sole ownership by founder Leonard Taub, relying on a network of capital partners (Colorado Federal Savings Bank, Marcus & Millichap, Greenworks Lending) and execution partners (Hive Architects, Dohn Construction, Studio Completiva, Schneider Building Co.) to deliver projects. The company differentiates through its Denver Zoo conservation partnership, where portions of townhome sales fund conservation programs, and through neighborhood-specific brand recognition in markets like Sloan's Lake, Highlands, and Berkeley/Tennyson in Denver, as well as Manhattan neighborhoods.
First Stone Development firmographics
Firmographics- Name
- First Stone Development
- Legal name
- First Stone Development, LLC
- Website
- https://firststonedevelopment.com
- Company type
- Private
- Founded year
- 2016
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- First Stone Development is a privately owned, full-service real estate development firm specializing in residential and mixed-use projects across Colorado, New York, and South Carolina, with a portfolio exceeding 800,000 square feet of for-sale and rental properties serving individual buyers and renters.
- Ownership category
- akta.pro rank
Where First Stone Development is headquartered
LocationHeadquarters
- HQ city
- Denver
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
First Stone Development business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Operations, Supply Chain, Personnel, Marketing or Sales, Infrastructure
Revenue model
- Property Development and Sales: First Stone Development generates revenue through the development and sale of residential condominiums, townhomes, and mixed-use properties. The company purchases land, secures entitlements, constructs buildings, and sells finished units to individual buyers. Revenue is realized upon closing of sales. The company also develops pre-war loft conversions, multi-unit condominiums, and retail spaces. Completed projects include developments in New York (Attorney Street, Gramercy Park, Clinton Hell's Kitchen, 53 Broadway Williamsburg, 316 Bowery) and Colorado (Saola, Vaquita, Condor Townhomes, POP Denver, Hilltop West, Sunnyside Flats).
- Rental Income: The company generates recurring revenue through rental income from completed multifamily rental communities. POP Denver, a mixed-use rental community completed in June 2023, represents an active rental property. Leasing and management for POP Denver is provided by Boutique Apartments, with ground-floor commercial space also generating income from retail tenants.
Go-to-market motion1 record
Distribution channels4 records
Marketing channels5 records
First Stone Development product offering
Product offeringCore offering
First Stone Development is a Denver, Colorado-based real estate development company that develops residential, commercial, and mixed-use properties across Colorado, New York, and South Carolina. Over 25 years, the firm has delivered more than 800,000 square feet of built environment, selling or leasing residential units, commercial office space, and integrated mixed-use projects to individual buyers, renters, and commercial tenants.
Product overview
First Stone Development is a privately owned, full-service real estate development group offering a portfolio of residential, commercial, and mixed-use projects across Colorado, New York, and South Carolina. The company's product portfolio consists of distinct development projects organized by geography and product type: Colorado projects include for-sale townhomes (Saola at Sloan’s Lake, Vaquita in Highlands, Condor on Tennyson), mixed-use rental communities (POP Denver, The Jasper at 4353 Tennyson Street), luxury condominiums (Sunnyside Flats at Winter Park Ranch), and single-family gated communities (Hilltop West); New York projects include pre-war loft conversions, multifamily rentals, and luxury condominiums (Attorney Street, Gramercy Park, 316 Bowery, 53 Broadway Williamsburg, Clinton Hell’s Kitchen). The company develops, builds, and manages these projects through partnerships with architects, general contractors, lenders, and brokers. Projects range from 17-unit townhome developments to 145,000+ square foot mixed-use buildings, with a combined portfolio exceeding 800,000 square feet of residential and commercial space.
Differentiator
Problem solved
Functional benefit
Products and services
- Residential Development Projects For-sale and for-rent residential housing units (single-family, multi-family, and condo-style developments) delivered to individual home buyers and renters in Colorado, New York, and South Carolina.
- Commercial Development Projects Office and retail commercial buildings developed for lease to business tenants across the firm's multi-state footprint.
- Mixed-Use Development Projects Integrated mixed-use communities combining residential, commercial, and/or retail components into a single development, serving both individual residents and business tenants.
- Residential and Commercial Leasing Rental of owned residential units to individual renters and lease of owned commercial space to business tenants, generating recurring lease income from the developed portfolio.
Quantifiable outcome
- Over 800,000 square feet of residential and commercial development completed or in-progress across Colorado, New York, and South Carolina
- +2 more outcomes
Companies that use First Stone Development
Customer profileNamed customers1 record
Segments5 records
Ideal customer profiles3 records
First Stone Development technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
First Stone Development partnerships and signals
Strategic signalPartnerships
Nine partnerships are on record, tiered core and minor.
- Denver ZoocoreFirst Stone Development partnered with Denver Zoo as a community partner. A portion of each sale from townhome projects (Saola Townhomes, Vaquita Townhomes, Condor Townhomes) was donated to the zoo’s conservation programs. The partnership created unique marketing differentiation and provided the zoo with ongoing conservation funding through real estate sales.
- Hive ArchitectscoreHive Architects is the primary architecture firm for First Stone Development projects. Founded in 2003 and Denver-based, Hive specializes in architecture, urban planning, and interior design with a focus on residential and mixed-use construction in Denver’s urban neighborhoods. Hive has served as design consultants on numerous multifamily projects nationally.
- Studio CompletivacoreStudio Completiva is an architecture and planning firm that has worked with First Stone Development on multiple projects. The firm operates with a philosophy of designing environments that help people access their full potential. With 24 years in operation and 16 employees (including four registered architects), Studio Completiva has completed projects ranging from $50K to over $150 million.
- Dohn ConstructioncoreDohn Construction is a general contractor partner for First Stone Development. With over two decades of experience in Northern Colorado and a portfolio of over 10 million square feet, Dohn is known for quality and value in construction. They built the first LEED for Schools Gold Certified project in the United States.
- Big Valley ConstructionminorBig Valley Construction, LLC is a commercial/residential general contractor partner for First Stone Development. Established in August 2000 by Troy and Judy Neiberger, Big Valley has expertise in multi-family housing, custom homes, commercial core and shell, and commercial tenant finish. Operations are centered in Granby, Colorado.
- Belay DevelopmentminorBelay Development is a full-service real estate development company based in Colorado that partners with First Stone Development. With more than 35 years of experience in construction, contracting, and design, Belay brings expertise in site acquisition, asset management, and project execution.
- Denver Design BuildminorDenver Design Build served as the general contractor for the Saola Townhomes project at Sloan’s Lake. The company is described as a preeminent Denver contracting company and recipient of many local awards of distinction.
- Boutique ApartmentsminorBoutique Apartments provides leasing and management services for POP Denver, the mixed-use rental community completed in June 2023. Boutique Apartments handles tenant acquisition and ongoing property management for the community.
- Schneider Building Co.minorSchneider Building Co. is listed as the trusted construction partner for The Jasper (4353 Tennyson Street) project, currently underway with expected completion in Q3 2026.
Scale indicators5 records
Recent moves6 records
Expansion highlights6 records
First Stone Development competitors and assessment
Company assessmentDirect peers
- JLB Partners: Multifamily and mixed-use developer operating a focused, regionally anchored build pipeline similar in form to First Stone's project-by-project model, targeting urban and suburban infill multifamily product.
- Olshan Properties: Long-standing New York residential real estate developer with a similar founder-driven boutique profile, building both for-sale condominiums and rental product in Manhattan. Mirrors First Stone's historical NYC footprint and product mix.
- Lokal Homes: Denver-based boutique residential developer focused on attached for-sale townhomes and small condo communities in urban infill neighborhoods. Highly comparable to First Stone in scale, geography, and for-sale product focus (e.g., Condor on Tennyson, Vaquita in Highlands).
- Wonder Downtown: Denver-based mixed-use and multifamily developer building urban infill projects in walkable neighborhoods. Comparable to First Stone on product type (mixed-use, Denver infill) and target buyer (urban professionals seeking modern product).
- Kairoi Residential: Multifamily and mixed-use developer with a regional build-to-rent and build-to-sell pipeline comparable to First Stone's mix of POP Denver (rental) and townhome/condo product. Similar boutique scale and reliance on third-party GCs.
Broad incumbents
- Alliance Residential Company: Large national multifamily developer active in Denver and other growth markets. Competes for similar infill multifamily sites and represents the broader incumbent tier FSD operates alongside in Denver.
- Greystar Real Estate Partners: The largest US multifamily developer and operator, with extensive Denver presence including development of Class A rental product directly competing with POP Denver and The Jasper. Macro reference point for scale and capital efficiency in multifamily.
- Wood Partners: One of the largest US multifamily developers, building Class A apartments nationally including Denver. A broader incumbent in the same multifamily/mixed-use category that First Stone targets with POP Denver and The Jasper.
- Carmel Partners: Institutional multifamily developer/investor with a national pipeline including urban infill product. Comparable to First Stone on urban multifamily product but at much larger institutional scale.
- Mill Creek Residential Trust: National multifamily developer with significant Denver and mountain-region activity, building rental communities and mixed-use product. Larger-scale incumbent competitor for capital, sites, and GC capacity.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights7 records
Customer concentration
First Stone Development social profiles
Digital presenceFirst Stone Development financial estimates
Financial estimateRevenue estimate
Valuation estimate
First Stone Development leadership team
Management profileNumber of profiles
Profiles4 records
First Stone Development funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
First Stone Development M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about First Stone Development
What does First Stone Development do?
First Stone Development is a Denver, Colorado-based real estate development company that develops residential, commercial, and mixed-use properties across Colorado, New York, and South Carolina. Over 25 years, the firm has delivered more than 800,000 square feet of built environment, selling or leasing residential units, commercial office space, and integrated mixed-use projects to individual buyers, renters, and commercial tenants.
Is First Stone Development a public or private company?
First Stone Development is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was First Stone Development founded?
First Stone Development was founded in 2016. It employs 1 to 10 people.
Where is First Stone Development based?
First Stone Development is headquartered in Denver, United States, in the North America region.
How does First Stone Development make money?
Two revenue lines are on record. Property Development and Sales are the primary driver. The others are rental Income.
Who are First Stone Development's main competitors?
Direct peers on record are JLB Partners, Olshan Properties, Lokal Homes, Wonder Downtown and Kairoi Residential. Broad incumbents are Alliance Residential Company, Greystar Real Estate Partners, Wood Partners, Carmel Partners and Mill Creek Residential Trust.
Does First Stone Development have an API?
No public API is recorded for First Stone Development.