Canadian homebuilder Mattamy Homes has purchased a 29.2015-acre site near the I-10 and Warner Road in Chandler from an affiliate of the Church of Jesus Christ of Latter Day Saints for $11,783,389 or $9.26 per square foot. Mattamy put half of the purchase price down—$5,891,694—and secured the remainder under a seller carry deed of trust. The purchase price implies a price per acre of $403,519 or per planned lot of $43,005.
The site—located at the southwest corner of Priest Drive and the Knox Road Extension—is the Chandler portion of the planned Rhythm subdivision, which will total some 51.52 acres and 368 total dwelling units spanning the border of Chandler and Tempe. The subject site is planned for 274 single family residences comprised of four build types: stacked flats, villas, casitas and lofts.
The seller has controlled the parcel since at least 1989, when the Corporation of the Presiding Bishop of the Church of Jesus Christ of Latter Day Saints transferred title to DHTC Arizona, an affiliated entity and predecessor to the current seller entity, Property Reserve Arizona. The remaining 19.74 acres of the planned subdivision, adjacent to the north, received approval from the City of Tempe Development Review Commission for 94 lots at their June 6th meeting.
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