[1] S. Boldo, C. Lelay, G. Melquiond, Formalization of Real Analysis: A Survey of Proof Assistants and Libraries., https://hal.inria.fr/hal-00806920v1/document
http://isabelle.in.tum.de/dist/library/HOL/HOL/Real.html
This is the classical way (and similar to HOL Light or HOL4). AFAIK in Coq the standard way is to introduce the reals axiomatically.
The bottom theories in http://isabelle.in.tum.de/dist/library/HOL/HOL/ are all about classical real analysis, based on topology and real-normed vector spaces.
I secretly hope that I will one day get to teach calculus to computer scientists. In that case I would introduce reals as a coinductive data type, and the usual operations (such as differentiation, integration, solving differential equations) as stream operations. That should appeal to programmers, athough it would be weird for conventional mathematicians.
[1] D. Pavlovic, M. Hölzl Escardo, Calculus in coinductive form.
[2] D. Pavlovic, V. Pratt, The continuum as a final coalgebra.
This has some interesting consequences. For example only continuous functions can be functions in constructivism. (If you try to construct a function that is discontinuous at a point, there are Cauchy sequences you can give it that you cannot assign to a Cauchy sequence coming out. So it is not a well-defined function.)
Also, arguing by reference to the choice of appropriate values is incomplete argumentation and so it won't be accepted by a formal system. You'd have to fill these holes.
I'd suggest to start by evaluating the existing formalized constructions of the reals.
I think it is not too hard.