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$85-Mil Land Sale for Proposed Master-planned Community Completed

PHOENIX-A partnership has closed on its $85-million purchase of a 7,100-acre swath of land in the far northwest Valley, where the partnership plans to build a master-planned community.

By D.J. Burrough | Updated on February 02, 2001

PHOENIX-In one of the biggest land deals in recent history, two Valley residential developer have completed their $85-million purchase of a 7,100-acre tract in the far northwest Valley.

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.

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