Phoenix Business Journal
June 29, 2012
By Kristena Hansen
Plans for the Eastmark resort and conference center still are in limbo, but DMB is moving forward with the residential component of its East Mesa master-planned community. An eclectic mix of builders will erect 700 homes there by next spring.
In a deal expected to close this week, the Phoenix-based developer is selling 210 acres for $35 million to seven local, international, public and private builders: Maracay Homes, Mattamy Homes, Meritage Homes Corp., Standard Pacific Corp., Taylor Morrison Inc., Trend Homes and Woodside Homes and Woodside Homes.
Each builder purchased a portion of the undeveloped land near the northwest corner of Signal Butte and Ray roads to construct a variety of homes catering to the needs of a wide range of buyers.
Although many details, such as design concepts, size and pricing, will depend on the state of the housing market next year, DMB officials said asking prices could range roughly from $200,000 to $600,000 when the homes go to market next May.
Charley Freericks, president of DMB, said there was a purpose behind the decision to partner with multiple builders.
“Variety actually makes for a better place,” he said. “We always have a mix of builders in communities and product types because it satisfies a bigger cross-section of the consumer.”
Surrounded by Phoenix-Mesa Gateway Airport, three major freeways, and several employment cores and educational institutions, the Eastmark mixed-use community totals 3,200 acres at what once was the GM Proving Grounds. Eastmark has been in the works for several years as a means to boost and sustain economic growth in the southeast Valley; but, like nearly every other construction project in the region, it has struggled to gain momentum because of the recent recession.