Vermaland plans to develop 1,100-acre Verma Vistas III in Tonopah
Vermaland, a leading Phoenix-based land banking and development company, is developing Verma Vistas III, an 1100-acre master plan community located in Tonopah, Ariz. Properties of this size are very difficult to come by, so this makes the parcel the largest piece of privately owned land in the area.
Vermaland acquired this parcel due to its strategic location and is located at 427th Avenue and Narramore Road. Mountain ranges three miles south of the property offer spectacular views. Other properties in the area that are 100 acres or more have been developed into solar farms by large energy companies. A number of one-acre residential lots can also be found in the area. Unfinished one-acre lots are in high demand in this part of Tonopah, with the average selling price being $50,000 per acre.
“During the pandemic, we saw an increase in housing demand, and with the shortage of affordable homes in the valley, we see a tremendous opportunity to develop in the area,” says Kuldip Verma, CEO of Vermaland. “There is a big shortage of finished lots, so we are getting ready for zone changes and pre-plat.”
The plans include 2,500 single-family homes, 500 multi-family units, and commercial and industrial complexes. Once the zoning is finished, Verma plans to either sell or partner with a builder to develop the community.
In addition to several Solar projects, Vermaland’s most recent residential project was a gated subdivision located in the foothills of the White Tank Mountains at Highway 303 and Northern Avenue. The 246 lot development was sold in late 2019.
Vermaland has been in the land business as a wholesale buyer and seller for 20 years, starting the company in 2001. The company owns thousands of acres of land in the Metro Phoenix area. Verma and his team have also donated $5 million in land and cash to the Vermaland Charity Foundation, to be used for residential and commercial development.
For more information on Vermaland, visit www.vermaland.com or call 602-274-0700.