Vizzda Planning and Zoning Week in Review July 27 - 31 2015:

Here is a brief look some of the newest Planning and Zoning cases for Maricopa County for the week of July 27 - 31 2015:

ASU Mixed Use:  – The 100-unit apartment complex known as University Village at 936 South Terrace Road in Tempe is being planned for demolition. The 53-year old apartments are planned to be replaced by a 5-story 559,700 square foot mixed use development designed for Arizona State University student housing. University Village 2.0 will have 260 units and a mix of 22 studios, 29 one bedroom / one bathroom, 56 two bedroom / two bathroom and 153 - four bedroom / four bathroom units in addition to 1,800 square feet of ground floor commercial space. The developer is California-based Legacy Partners who recently completed the mixed-use development The Legacy Bungalows near downtown Phoenix.

Initial Rendering

Phoenix Multi-Family: – The offices located at 4811 N 7^th Street in Phoenix are to be replaced by a multifamily development known as Alta Camelback. The 230-unit four story building with a unit mix of: 146 one bedroom / one bathroom, 78 two bedroom / two bathroom and 6 – three bedroom / two bathroom is currently in the development review process within the City of Phoenix Encanto Village team. The community will also include a 338 space parking garage, pool and 7,300 square foot clubhouse. The project developer is Wood Partners with Biltform Architecture serving as the project architect.  

Initial Rendering

Tempe Retail: -- Dunkin Donuts franchisee James A Klusman submitted the site plan for a new retail building at 4715 S Rural Road in Tempe. The 8,050 square foot multi-tenant building site is the former location of The Lingerie Superstore and is adjacent to City Scape At Lakeshore Apartments. At the time of submittal the planned occupants are Dunkin Donuts and Tokyo Joe's, the building will have the capacity to hold two additional tenants. Bar Napkin Productions is serving as the project architect. 

Single Family Subdivisions: -- The Town of Gilbert approved the Final Plats for two single family residential subdivisions at the July 30th meeting. Fulton Homes was given approval for the 193 lot / 34.6 acre Phase 2, Parcel 15 of Cooley Station near the NWC of Recker and Williams Field Roads. Ryland Homes was given approval for Brighton a 43 lot subdivision on 12.4 acres at the NWC of Val Vista Drive and Elliot Road.

For more information on these properties, visit us at our website or send us an email. We're happy to hear from you!



        

60 Finished Lots in Ash Creek Estates Purchased for $4.35M

VIZZDA–August 21, 2012 – Notebuyers Jerry Ledderhof of Jorah Investments in Ontario, CA and Robin Lang, a Houston-based investor, sold 60 final platted lots within the Ash Creek Estates community to Fulton Homes for their “Mendocino at Ash Creek” branded community. In the deal, which closed August 20^th, Fulton Homes put $50.0K down and financed the rest with a $128,941,196 existing line of credit with Starwood Capital Group of Greenwich, CT.

Ash Creek Estates is an 85.3 acre planned area development located at the southwest corner of Signal Butte and Ocotillo Roads in Queen Creek. The conveying 60 lots represent a significant portion of the 144-lot community. The lots have minimum dimensions of 115’x135’ and range from 15,300 to 25,700 ft² in size. Fulton is offering 4 single-story home plans ranging from 3,014 to 4,450 ft² and featuring 4+ car garages and offering up to 7 bedrooms and 5 baths.

Ash Creek Estates was developed by Paul Jorde who acquired the land prior to July 28^th, 2004 when he took a $4.35M construction loan on the property with M&I Marshall & Ilsley Bank. The community final plat was recorded November 3^rd, 2005.  M&I sold the note to Ledderhof and Lang October 2^nd, 2008 who then foreclosed on Jorde, taking 129 lots, with notice of trustee sale issued November 24^th, 2008 and Trustee Sale February 23^rd, 2009 with a $4.35M credit bid amount.

By:

Edward Moore

Director of Research

emoore@vizzda.com

Fulton Homes Purchases Freeman Farms, Phase 1A & Acreage

VIZZDA, May 11, 2012 – Fulton Homes has completed the purchase of 73 final platted lots north of the northwest corner of Greenfield & Chandler Heights Roads and 234.8 acres of undeveloped land north of the northwest corner of Ellsworth & Rittenhouse Roads in separate transactions. 

The Lots average 160’ x 220’ or 35k SF and total 89.1 acres—77 acres net—zoned SF-35. The sale price was $5.11m or $62,939 per acre, $70k per lot or $436 per front foot. Seller was Jerry Moyes of Swift Transportation.

The undeveloped land is under a development agreement between the buyer and the sellers—Adam & Stephen Hatch—dated 5/10/2012, whereby the seller retains 39 acres. The sale price was $10,565,860 or $45k per acre. 

Norman Nichols of Fulton Homes was signatory to both transactions. No new debt was issued with sale though Fulton Homes has an $128,941,196 existing line of credit with Starwood Capital of Greenwich, CT.

By:
Paul Dionne
Research Analyst
(202) 258-9508
pdionne@vizzda.com