A joint venture with Toll Brothers as the managing partner acquired a 5,485-acre land parcel in northwest Phoenix from DaimlerChrysler for $312 million. The Arizona Republic estimates that this is the biggest land purchase, in dollar value, in the state’s history. Toll bought the land with Meritage Homes and Simon Property Group. According to an approved general plan, this site allows for between 15,000 and 31,000 homes. Initial plans call for a mixed-use master planned community that includes approximately 4,840 acres of single-family and attached homes. Approximately 645 acres of commercial and retail development will include schools, community amenities, and open space. Initial home sales are scheduled to begin in 2009.
SOURCE: CONSTRUCTION AND MAINTENANCE NEWS
Learn more about markets featured in this article: Phoenix, AZ.
