By: Paul Dionne | Vizzda.com
|Phases 2 and 3 comprise the southern portion of Trilogy West|
Tom Tait Jr. of Tait Development sold roughly 160 acres of vacant land northwest of Vistancia Boulevard and Jomax Roads in Peoria on Tuesday for $14,065,412 or slightly less than $90k per acre. The buyer was Shea Homes, represented by its Vice President, Jeff Hinkle—who subsequently secured the property under an existing $45m deed of trust with Tricon Capital that was issued on September 19th, 2013 and is slated to mature on September 18th, 2020.
The subject parcel comprises phases 2 and 3 of Trilogy West and total 457 planned lots. The site was surveyed in 2012 as 159.578 acres and when combined with the 251 planned lots from Phase 1—which was acquired by Shea in December of last year—and the 308 lots from Phase 4—acquired in March of this year—Trilogy West will encompass some 360 acres and total 1,016 home sites. Proposed lot sizes range from a minimum area of 4,000 ft2 at 40’ x 100’ to a maximum area of 8,050 ft2 at 70’ x 115’.
The Tait family has controlled this property dating back to at least 1981; Shea entered an exclusive purchase option agreement dated August 10th, 2012 and on June 11th, 2014 Shea issued Tait a $2.5m deed of trust described as a refund advance relating to the purchase option agreement. Tuesday’s purchase price is a nominal improvement over the per acre price paid for the 60-acre Phase 1, which Shea picked up for $4.8m or $80k per acre or the 45-acre Phase 4, which Shea picked up for $3,807,290 or $83,700 per acre.
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