Tuesday, July 1, 2014

Home Sites in Mountain Shadows Resort Sold for $23m

By: Hadden Schifman | Vizzda.com

Conceptual Site Plan for Mountain Shadows Resort Estates
Robert Flaxman of Crown Realty & Development split off a portion of the 68-acre Mountain Shadows project to a local homebuilder, Cullum Homes. The purchase price was $23m or $575,000 per lot. The transaction is pursuant to an April 24th, 2014 purchase agreement, though the entity through which Cullum acquired the land was formed two years earlier in April of 2012.

The subject property is a 11.523 gross acre graded portion that is final platted for 40 lots, ranging in size from 8,000 ft2 minimum dimension to a maximum dimension of 10,000 ft2. Lot widths are roughly 60’ and 70’ with eighteen and twenty-two lots of each type, respectively. There are 10' front, 7’/10' side and 20' rear setbacks for each lot. The 40 lot plan reflects 3.47 density units per acre with 9.25% of the project dedicated to open space.

The Town of Paradise Valley approved the plan for “Mountain Shadows Resort Estates” on February 13th, 2014 with the final plat recording June 20th, 2014. As part of the approval, the Town required $1.6M of street improvements along 56th Street to be completed before the plat could record. Residences are limited to 16’ build height on the subdivision perimeter and 24’-26’ on the interior. Access is provided along both Lincoln Drive and 56th Street.

Mountain Shadows Resort Estates Vicinity Map
Crown Realty and Development originally acquired the Mountain Shadows Resort & Golf on January 31st, 2007 in two sales totaling $42M, apportioned as $41m for built resort improvements and $1m for 18-hole executive golf course. 

The prior seller was Host Hotels & Resorts, doing business as Marriot Corporation. Following a bankruptcy in July 2012, Crown Realty entered into an amended development agreement with Town of Paradise Valley in April 2013, coupled with new financing in December 2013. Demolition permits for the resort were issued January 19th, 2014.

To Contact the Author:
Hadden Schifman - hadden@vizzda.com

No comments:

Post a Comment

Sponsered Ad