The site is located at the Southeast
corner of Germann and Lindsay Roads.
Per City of Gilbert planning documents, it is platted
for 111 lots in two parcels:
- 54 lots on 18.01 acres with typical lot dimensions of 55’ x 120’ for an average lot area of 6,600 ft2
- 57 lots on 18.49 acres with typical lot dimensions of 65’ x 120’ for an average lot area of 7,800 ft2
The community will have a density units per acre ratio of
3.10, a per lot price of $52,427.33, a per front foot price of $871.82 and a
per square foot price of $3.73.
Central Christian Church of the East Valley previously
acquired the land as part of a roughly 149-acre assemblage on January 7th,
2002 for $10,167,636. On February 12th, 2002, the church secured
$18m in new debt with Bank of America. This debt was modified on March 29th,
2005 to extend the maturity to February 28th, 2012 and reduce the
principle balance to $12m. On June 23rd, 2006 the debt was modified
again to increase the principle balance to $36m.
As we reported here,
Taylor Morrison acquired roughly 32 acres of planned residential land in
Phoenix for $3.96m, bringing their total land acquired in 2013 to 67.93 acres
for $9,419,434.
By:
Paul Dionne
Director of Analytics
Vizzda.com
No comments:
Post a Comment