Thread: $80 Million land sale could bring 40,000 homes to Phoenix

$80M land sale on metro Phoenix's western edge could bring 40K homes on stalled Tartesso development

Catherine Reagor, The Republic | azcentral.com11:55 a.m. MST September 2, 2016

A California investor has purchased more than 10,000 acres of land on metro Phoenix's western edge


(Photo: David Kadlubowski/The Republic)

STORY HIGHLIGHTS

• Tartesso was launched during the boom but stalled during the crash
• This deal is one of the priciest for a big development on the Valley's edges in a decade
• Proposed Interstate 11 could run right next to Tartesso

A California investor has paid $80 million for more than 10,000 acres west of the White Tank Mountains in Buckeye that could sprout nearly 40,000 new homes.

Valley developer and philanthropist Jerry Bisgrove sold the Tartesso development to Irvine, California-based Dolphin Partners, according to public real-estate records.

The deal, made up of multiple sales for large and small pieces of Tartesso, closed on Thursday. Sale documents were filed Friday morning.

Tartesso, north of Interstate 10 and spanning both sides of the Sun Valley Parkway, was hailed as the gateway to metro Phoenix’s booming growth to the west in 2005. But the development, like so many others on the Valley’s edges, stalled during the housing crash.

Metro Phoenix's homebuilding market is rebounding, and developers are buying land again. The Tartesso deal is one of the biggest and priciest Valley land deals to close in a decade.

Development has restarted in Tartesso. Homebuilder D.R. Horton is about to open a new subdivision in the community.

Information on Dolphin Partners' plans for the huge project aren't yet available. The company didn’t return phone calls.

RELATED: Rising rents spurring more metro Phoenix homebuyers

AZCENTRAL Millennials, Boomers, retirees, boomerang buyers all boosting metro Phoenix's housing market again

Scottsdale-based Nate Nathan & Associates had the listing. Nathan, David Mullard and Casey Christensen negotiated the sale.

Nathan declined to comment.

The Arizona Department of Water Resources approved a plan that gives the community another 25,978 acre-feet of water, according to Tartesso's developers. The development, which sits over the Hassayampa Aquifer, has a 100-year supply of water, according to its plan.

The proposed Interstate 11 freeway would run next to Tartesso, which would make the development and others around it west of the White Tanks more accessible to homebuyers.

http://www.azcentral.com/story/money...omes/89748362/

Phoenix like some other Western cities are developing past their water capabilities. JMO