Taylor Morrison & Pulte Homes Form JV to Acquire North Phoenix Land
- Mar 17, 2016
Phoenix—Taylor Morrison Home Corporation and Pulte Homes announced they are forming a joint venture for the acquisition of approximately 410 acres of land in North Phoenix from the Arizona State Land Department.
The partnership plans to develop it into a master planned community. Construction of the site is scheduled to begin in spring 2017 and will consist of multiple product offerings from both brands. Following a bidding process for approximately 1,200 lots on more than 400 acres of land, the joint venture acquired the parcel at an undisclosed amount.
“I am very pleased by the outcome of the State land auction,” said Brad Schoenberg, president of the Taylor Morrison Phoenix division. “We have had our eye on this property since 2013, when we first became an applicant for it with the State, and strongly believe—even three years later—that it holds significant value and potential as part of Taylor Morrison’s portfolio. I look forward to beginning the development process and bringing the Phoenix homebuyer what they want in their most important investment.”
“This is a very sought-after location next to great retail, dining and with easy freeway access to all parts of the Valley,” Scott Wright, Pulte Arizona division president, said. “This is an ideal community setting in a great location, and we are excited about the opportunity to collaborate with Taylor Morrison to develop a beautiful, well-planned new master plan in the Desert Ridge area.”
Image courtesy of Taylor Morrison