• Development

Transforming Vision Into Value

The ICO Development team is unique in its ability to visualize the value creation potential of challenged locations, sites, or jurisdictions. Because we have an in-house staff of engineers, architects, geotechnical, and site experts who support our business development experts with over $2B of combined real estate investment experience, ICO is able to bring to market the most distinctive and highest performing properties in the markets we serve.

Analytical Rigor

Like every ICO business, Development is grounded in fundamental analysis of market research and financial assessments. Unlike most real estate developers, ICO applies sophisticated tools from adjacent industries and experience of its founders to add financial rigor, conduct market research at a granular level, and model outcomes using proprietary software tools to create an unmatched development process. Fundamental value investment tools underlie the decision to proceed on any development. Expert interviews, using ICO’s broad industry contacts, are performed on every development opportunity, and results are confirmed in primary user interviews, conducted at the sub-segment tenant level. Proprietary supply and demand sub-market forecast models are also used to support each project decision.

Not Projects, but Rather Creation of Communities and Lifestyles

ICO Development is known for excellence in the style, craftsmanship, and utility of its projects. Developments are much more than construction projects: Our zealousness for research, and ability to transform vision into distinctive value, enable ICO to create communities and lifestyles for its residents, not just buildings.

What We Develop

ICO focuses on Utah. ICO develops mixed-use communities, multi family communities, and commercial lifestyle projects. Within commercial, ICO develops industrial, mid-sized office, retail, and mixed-use projects. ICO’s professionals conduct feasibility and valuation studies, perform extensive market research, identify locations, plan sites, negotiate purchases, manage entitlement processes, and oversee construction, leasing, and property management at project maturity. ICO performs these services for its own account, with joint venture partners, or for third parties


Acquisition And Development


Taylor Maughan


Stephen Hopkins

Protect & Enhance Long Term Wealth

A practical investment philosophy

ICO Capital’s mission is to protect and enhance long-term wealth. Adhering to a disciplined, value-based investment approach has added significant value over time.

A holistic perspective comprehends the entire balance sheet of the combined companies.

ICO constructs its portfolio by considering all assets and liabilities across the combined ICO enterprises.

Both diversification and concentration are important

Traditional academic approaches validate that asset class diversification can substantially reduce a portfolio’s investment risks without necessarily compromising expected returns. ICO, however, often goes against conventional academic wisdom in its investment approach. Concentration, when one understands underlying investment characteristics and value, can also reduce investment risks while still enhancing returns. ICO disbelieves rote application of traditional risk/return models-often higher returns can be generated with lower risk through applying proprietary knowledge and deal structuring techniques.

Active vs. Passive Investment Management

It is well known among academics and professional money managers that, while active investment managers can add value, in aggregate they tend to underperform a given market average because of add-on fees and taxes. Despite imposing a burden of due diligence and continuous monitoring, ICO selects active asset managers with the right fee structures and incentives aligned with ICO, to supplement investing for its own account in the public markets.

Information-based,asymmetric, and less-liquid strategies are most likely to outperform

Inefficiencies are best exploited through non-traditional investments that have greater potential to reward active management and a disciplined manager selection process.

Hold cash to reduce risk.

Holding cash (or deleveraging) can reduce a portfolio’s risk and return profile without sacrificing portfolio diversification.

Tax optimization is important.

While tax rules vary across investment situations, ICO considers after-tax returns when making all its investments.

Investing innovation has exploded over the last several decades. Technology has enabled and will continue to enable new approaches such as high-speed trading, increasingly fine niche strategies, ETF market surrogates, etc. Despite this, ICO does not feel the need to fundamentally change its value-based investment philosophy and processes, grounded in approaches developed decades ago. Patient analysis and adherence to a value-based discipline will continue to outperform versus other investing disciplines over a market cycle.