Monday, July 28, 2014

Taylor Morrison Buys Trovita Norte Phase I for ~$7.8m

By: Paul Dionne | Vizzda 

After more than a year in escrow, Taylor Morrison has closed on Phase I of Trovita Norte—a recently-platted subdivision at the southeast corner of Brown Road and Val Vista Drive in Mesa—for $7,797,492 or $4.90 per square foot. Today’s all-cash purchase was pursuant to a March 28th, 2013 purchase and sale agreement between Taylor Morrison and the seller, Michael B White, which also secures a purchase option on Phase II to the benefit of Taylor Morrison. The sale price equates to $139,240 per planned lot or $1,392 per planned front foot.

Phase I of Trovita Norte sits on 36.5342 net acres of raw land, zoned RS-15. It received preliminary plat approval in November of last year and final plat approval—along with final plat approval for Phase II—on April 21st of this year. Plans call for 56 lots that are 100’ wide and 150’ deep with 30’ front, 13’ side and either 27’ or 30’ rear setbacks. Phase II is comprised of forty two lots on 19.69 acres for a total of 98 lots on 56.22 acres or 1.74 density units per acre. The White Family has owned the larger assemblage of land going back to at least 1989, when it deeded a portion of its holdings to the City of Mesa.

To Contact the Author:
Paul Dionne –

No comments:

Post a Comment

Sponsered Ad