Home developer, Maracay Homes, closed on 9.4 acres of land near the South Mountain Baseline Road corridor in Phoenix for $1.65 million.
The property purchase will be combined with a second property Maracay is expecting to close on at the beginning of next year. The recently purchased property and the second property will total 23.5 acres.
The two parcels are near 32nd Street and the Highline Canal, and has been zoned for 54 lots that have been preliminary plat approved.
“This area, in particular, is emerging as a sought-after, almost boutique, location so close to downtown Phoenix, Tempe Town Lake, and the Chandler/Price Road corridor, yet with a small-town, suburban lifestyle that urban buyers are looking for,” said Tom Lemon, Maracay Homes’ vice president of land acquisitions and development.
Each of the 54 lots will be 10,125 square feet, Lemon said, and Maracay plans to complete land development and open for sales in the first part of 2018.
Tom Mulhern, of Core Properties LLC, and John Bullington of BLC Realty Advisors, brokered the transaction between Maracay and the seller, Edmund Navarro and Martha G. Navarro Trust.
Maracay plans to offer a mix of all single-story floor plans, ranging from approximately 2,500 to 3,350 square feet, within an upscale, gated enclave.
The South Mountain area has been known for rural properties, but has been increasingly a site for home building in recent years.
