Howard Hughes Holdings Inc. has wrapped up a substantial land sale in Buckeye, propelling forward with their massive Teravalis community development. In dealing first with the homebuilders, the Texas-based firm has closed on 365 lots in a march towards realizing their vision for the 37,000-acre site. The total tab ran into millions, as KB Home shelled out $2.4 million for 106 lots, and AGWIP Asset Management picked up another 105 for Lennar Corp. at a cool $2.3 million. Not to be left behind, Brightland Homes and Courtland Communities invested $1.9 million and $7.4 million respectively for additional plots within what's to become the Floreo village, according to Phoenix Business Journal.
This flurry of exchanges signals a spike in activity for the region, with an expected yield of 100,000 homes and enough commercial space to dwarf most downtowns. Teravalis is set to house a staggering 300,000 residents upon completion, as noted by both ABC15. Lennar's Senior VP of Land Operations, Jeff Gunderson, was quoted saying they are "looking forward to a long-term relationship here in Arizona" and touted the secured water supply for the development, assuring sustained growth and commitment to the region.
With Floreo deemed the gateway to Teravalis, the bigger picture is set to unfold come 2025, when its grand opening will kickstart a larger convergence of builders on the investment horizon, as per Phoenix Business Journal. This opening gambit in Buckeye isn't limited to housing; R.L. Brown of R.L. Brown Housing Reports threw the spotlight on the area's long-anticipated need for development, expressing both excitement and expectation for a solid market performance in this westward expansion beyond Phoenix's current borders.
Howard Hughes' venture is steeped in both residential allure and environmental stewardship, maintaining a 50% stake in partnership with local powerhouses El Dorado Holdings and JDM Partners. The infrastructural groundwork, such as a water campus, lake, and waste treatment plant, lays bare a commitment to Arizona's water conservation ethos, setting a sustainable stage for their grand West Valley act.
