Symmetry Companies, a Scottsdale-based developer of luxury, resort residential communities, has secured 400 acres in Flagstaff, Arizona as part of an Arizona State Land Department auction held late last month.
The acreage, purchased in partnership with Capstone Homes, will create new opportunities along the planned future John Wesley Powell Corridor extension, in the desirable southeast Flagstaff area.
Don Cardon, CEO of the Cardon Development Group, offered strategic support for the purchase, while Jim Adams, of JL Adams and Associates, brokered the $10.5 million transaction.
“We recognized that opportunity exists for a vision for the John Wesley Powell Corridor, and this parcel offers us a chance to beautify and shape the area for the benefit of local residents and Flagstaff as a whole,” Peter Burger, founder and president of Symmetry Companies, said. “State land is precious, so we feel fortunate to have secured the top bid, and ultimately the land, for this particular parcel, which will be developed thoughtfully and responsibly.”
The 400-acre parcel is located directly adjacent to Pine Canyon, a luxury golf community, owned and managed by Symmetry Companies. Plans for the parcel will be anchored in a commitment to thoughtfully utilize and protect substantial open space, while incorporating the landscape’s unique terrain and wooded areas to benefit the community.
With its partner, the Flagstaff-based Capstone Homes, Symmetry Companies envisions single-family and multi-family residential opportunities, as well as resort-inspired amenities and mixed-use activity centers.
“We know this area well, as we are committed to the long-term success of Pine Canyon,” Burger said. “We’ve seen considerable demand for land in this area, and we’re excited to be able to continue to shape the community and create opportunities that will benefit the greater Flagstaff community.”
Proceeds from the sale of the 400 acres of state trust land benefit K-12 education and universities in Arizona. Development is expected to begin in 2023.