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CASA GRANDE, AZ-A development group from Las Vegas is finalizing plans for a $100-million-plus, mixed-use development to mark its inroad into the Valley. The group has paid $15 million for the 318-acre project site.
Casa Grande Land Investors LLC, under the leadership of Matthew Werner, Jim Meservey and Michael Park, got control of the southwest corner of Interstate 10 and Kortsen Road from Craig Ranch Golf Course LLC of Las Vegas. The new owner is working on a master plan for a 350-unit multifamily project, 500,000-sf power center and 800 single-family homes--with an estimated build-out value of more than $100 million.
Brent Moser, a senior associate for locally based Grubb & Ellis|BRE Commercial LLC, tells GlobeSt.com that the developer will file a request within 90 days to rezone the acreage from agricultural to mixed use. Moser, who teamed with Grubb's Will French to sell the land, says the preliminary plan carves out 20 acres for a multifamily developer and earmarks the lion's share for homebuilders. The amount of retail acreage will be determined by the single-family housing demand, he explains.
Casa Grande Land Investors intends to develop the retail component. "The retail is the real cherry of the development," Moser says.
Moser estimates it will take five years for build-out. "This market is taking on a life of its own," he says, "and we believe that this area will be the focal point for the entire region." He says the buyer specifically searched for land in the southern part of the Valley. "It's just exploding with residential growth," he says.
Grubb & Ellis|BRE Commercial is marketing the land to developers. Moser's best guess is the multifamily acreage will be tagged at roughly $5 per sf and large single-family development tracts at $120,000 per acre. The expectation is single-family model homes will be ready to show by early 2007 and the multifamily complex ready for occupancy in 2008.
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