SCOTTSDALE, Ariz., March 9, 2016 /PRNewswire/ -- Taylor Morrison Home Corporation (NYSE: TMHC) and Pulte Homes (NYSE: PHM) on Wednesday announced a joint venture to acquire approximately 410 acres of land in North Phoenix from the Arizona State Land Department and develop it into a new master plan community. Development of the site is slated to begin in spring 2017 and will feature multiple product offerings from the Taylor Morrison and Pulte brands.

The Taylor Morrison/Pulte joint venture group was the successful bidder for the parcel at the State land auction on March 3 for approximately 1200 lots on more than 400 acres of land, which sits adjacent to the existing Desert Ridge master plan community in the highly desirable North-Phoenix submarket.

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