The buy is the second of three land acquisitions by partners Harvard Investments Inc. of Scottsdale, Cardon Cos. of Mesa and private investor Mike Cowley from Phoenix. The land is just north of the intersection of 211th Avenue and State Highway 74. During 2006, the joint venture acquired 1,244 acres, and has an escalating option with Scottsdale seller Rex Maughan to acquire the remaining land over the next three years.

Christopher J. Cacheris, vice president with Harvard Investments tells GlobeSt.com that any development on the land is three-to-five years away at best. Right now, he notes, the goal is to finish obtaining the remaining 2,521 acres and prepare for the growth that is headed west.

"This is the last large, privately owned piece of property in the area," he explains. "You can actually see the rooftops coming west from this property. When the market starts up again in a few years, it'll be coming this way."

Though plans for Lake Pleasant 5000 are in the very early stages, the project calls for approximately 8500 single-family residences, a commercial component on 178 acres, a 35-acre resort site and a 233-acre golf course. The plans also could involve a cluster village concept, which is being adopted by Surprise, AZ nearby.

Cacheris acknowledges, however, that any discussion of specific activity on the property is pre-mature. "We haven't determined yet how this will be built out," he says.