300 Acres & 3 Developers
The northwest Valley is primed for growth, and a recent land deal is set to shape Peoria’s future. Three major homebuilders—Shea Homes, Lennar Corp., and Toll Brothers—have joined forces to purchase nearly 300 acres of state land for $46.89 million. This new development promises around 700 homes across seven planned communities. Here’s what you need to know about this transformative project.
Details Of The Deal & The Builders’ Plans
A major state auction resulted in a sole bid, but the implications are immense. Here’s a closer look at the players and their vision for the land.
- Land Size: 279.8 acres at Dixileta and Litchfield Road.
- Minimum Bid: $46.89 million, which the trio secured.
- Project Overview: 700 homes across seven communities.
- Land Division: Lennar gets one-third, Shea Homes and Toll Brothers split the rest.
- Completion Timeline: Home sales are anticipated to start in 2027 or 2028.
This collaborative project reflects a strong strategy to meet rising housing demand while capitalizing on job growth in the area.
Also Read: Big Bidding Frenzy Grabs Attention In West Valley Land Auction
Peoria’s Exploding Growth & Job Market
The northwest Valley, particularly Peoria, is becoming a hotspot for housing and employment. Why? Major developments like Taiwan Semiconductor Manufacturing Co.’s (TSMC) $65 billion facility are driving the surge.
- TSMC Proximity: Just 15 minutes from the site.
- Job Creation: Thousands of positions expected at TSMC and related businesses.
- Builder Demand: High interest from developers in Peoria and Surprise.
This booming employment base makes Peoria an ideal location for new housing, with homebuilders betting big on its future.
Also Read: Soaring Land Prices Seen In Greater Phoenix’s Luxury Markets
Shea Homes, Lennar, & Toll Brothers’ Track Records
These builders bring significant experience to this project, having already developed thriving communities across Greater Phoenix.
- Shea Homes: Active in 12 Valley locations, including Alora Vita and NorthPointe at Vistancia.
- Lennar: Operates 48 communities, including Alora Vita, with plans for NextGen homes.
- Toll Brothers: Renowned for luxury homes and thoughtful master plans.
Their expertise ensures a well-rounded mix of home styles, catering to various lifestyles and family needs.
Also Read: Understanding Closing Costs In Land Deals: The Buyer Vs. Seller
Lennar’s Innovative NextGen Homes
One standout feature of this new project is Lennar’s NextGen product, offering multi-generational living solutions. These homes come with attached suites featuring separate entrances, ideal for extended families or additional privacy.
- Home Size: Up to 4,000 square feet.
- Flexible Design: Includes independent suites for multi-generational households.
- Diverse Offerings: Plans include smaller homes and larger NextGen models.
This innovative approach reflects shifting housing trends and the desire for more versatile living spaces.
Outlook For The New Community
While zoning and entitlement processes will take a few years, the project is already stirring excitement. The combination of high-quality schools, job opportunities, and family-friendly designs make this a promising venture.
As Peoria continues to grow, these new communities are poised to become a vibrant part of the city’s landscape. With strong backing from Shea Homes, Lennar, and Toll Brothers, residents can expect thoughtful planning and diverse housing options in this rapidly developing area.
Also Read: Another Land Deal In The Scottsdale Road & Loop 101 Corridor