Shea Homes, one of the most active homebuilders in the Valley, and Sunbelt Holdings have closed on their purchase of Pleasant Point, a 7,100-acre parcel near Lake Pleasant. The parcel is northwest of 99th Avenue and Jomax Road.
The partnership is planning to develop a master-planned community on the site, which is just north of Sun City and Sun City West, two of Del Webb's most popular retirement communities. Pleasant Point, which is less than four miles south of Lake Pleasant, is expected to have a retirement component as part of it. Del Webb representatives have said that the deal has not yet been signed, but it could be a Sun City.
Shea and Sunbelt purchased the parcel in a bankruptcy auction for the now defunct Baptist Foundation of Arizona, which filed for bankruptcy protection late last year. The foundation purchased the parcel for $40 million several years ago, and it was the crown jewel in the organization's portfolio.
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