Friday, May 16, 2014

Residential Project at 32nd Street & Cactus Road Entitled and Sold

By: Daniel Alpers |

Future Site of Enclave on 32nd St.
On May 13th, 2014, A joint partnership between New Leaf Communities & Watt Companies purchased a 3.46 acre piece of land. On the same day, Phoenix Planning Commission gave their final approval for the re-entitlement of the project for the site titled Enclave at 32nd St. The sales price was $1.275m or $41,129 per planned lot and $8.46 per square foot. The down payment was reported to be $490,000 and Bill Cleverly of Inca Capital provided $785,000 in new financing.

The project--approximately 700 feet south of the southwest corner of 32nd Street and Cactus Roads--consists of thirty-one density lots covering the 3.46 net acres with a density of 7.97 dwelling units per acre. The approved plan reflects twenty-three lots measuring 33’x63’ and eight at 39’x63’ having an average lot coverage of 23.96%. 18.6% of the project will be open space.

Edmund, Frank, & Gordon Mell represented the Mell family trust as the sellers, who previously sold the southernly adjacent 4.68 acre to Basis Charter School’s on November 8th, 2011 for $1.015m or $4.98 per square foot. Since then, a 43,084 square foot charter school has been built on that lot.

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