As competition heats up for a 2,300-acre state land auction surrounding the Taiwan Semiconductor Manufacturing Co. plant in north Phoenix, homebuilders have big plans to meet the demand of the 50,000 jobs that area is expected to create over time.
Miami-based Lennar Corp. (NYSE: LEN) plans to build more than 700 homes in that area, said Alan Jones, president of Lennar's Arizona division.
"Lennar wants to build where there's job growth," Jones said. "When we see jobs being created, we're going to do what we can to provide homes in that area. There's a lot of jobs being created. "We're looking to get more land in this area because there's demand."
Lennar's Middle Vistas community off Interstate 17 and Dixileta already is experiencing high interest from TSMC employees, and several already have purchased homes in the new development where prices range from the mid $400,000s to the mid $700,000s.
The gated community with 228 home sites also will feature Lennar's newest Next Gen floor plan called Latitude.
Next Gen floor plans provide a private multi-use suite designed to provide more space for multi-generational families without compromising privacy or independence.
The new Latitude model is a smaller version of the Next Gen home, providing an option for buyers interested in smaller home sizes.
Lennar exec: Building flexibility into homes
What's attractive about a Next Gen home is its flexibility, said Jones, who started the concept in Phoenix that is gaining in popularity with other Lennar markets as well as competing homebuilders.
"As a family situation changes, they don't need to move," he said. "The home is flexible enough to where as the family situation changes, they can use the home in different ways."
For example, the separate suite with its own entrance can be used as a home office, a separate room for teenage children or aging parents.
"We have a lot of parents that are buying the home knowing their children are going to struggle to get a down payment to buy a new home," Jones said.
Next up, Lennar plans to open models soon at Aloravita, a project that will include 295 homes near Happy Valley Road and 83rd Avenue in Peoria. Those homes are priced between the upper $500,000s and the mid $800,000s.
Also near TSMC is Lennar's Windstone Ranch east of 163rd Avenue and north of Happy Valley Road, where sales of 200 homes are scheduled to begin this month. Homes will start in the high $300,000s and range from 1,232 to 3,024 square feet.
Next Gen floorplans also will be available at Aloravita and Windstone Ranch.
"We as a homebuilder are really just earmarking that area as an area where we want to have a community to help meet the demand that's going to be needed from all our jobs being created," Jones said.
Brookfield Properties has plans east of I-17
Separately, Brookfield Properties has a planning contract and is planning work on behalf of the Arizona State Land Department for 6,000 acres of state land east of Interstate 17 and west of Tatum Boulevard.
"Arizona and the Phoenix MSA remains a key market for Brookfield Properties growth, and we continue to look at large land opportunities in areas that demonstrate ongoing job growth and strong housing demand," said Dea McDonald, president of Arizona Land and Housing for Brookfield Properties.
ARIZONA STATE LAND DEPARTMENT
By Angela Gonzales – Senior Reporter, Phoenix Business Journal
