Fulton Homes buys land next to Cardinals’ stadium for $39 million









“You can’t be late until you show up.”



Nov 15, 2013, 2:54pm MST Kristena Hansen Reporter-Phoenix Business Journal

Tempe-based Fulton Homes is about to close escrow on a large swath of land next to University of Phoenix Stadium in Glendale for roughly $38.94 million, according to a company statement this week.

The parcel — 354 acres on the southeast corner of Bethany Home Road and 91st Avenue — is where the homebuilder has blueprints for more than 1,000 homes, marking Fulton’s return to the West Valley after completing its last community five years ago.

The land is being sold by the family of late developer John F. Long, which has held the land for approximately three decades, according to records in the Maricopa County Recorder’s Office.

Fulton plans to soon begin zoning and preliminary work with the city of Glendale, which the firm estimates should take about a year. A year thereafter, sometime by late 2015, model homes should be complete and the community will be dubbed Stonehaven. Pricing was not available.

“We are excited to be returning to the West Valley to build again in such an ideal location,” Doug Fulton, Fulton Homes’ CEO, said in the statement. “This property is one of the last large parcels left in Glendale, and it is so close to the stadium and the Westgate Entertainment District. These new product lines will be different than those we have offered in the West Valley in the past. It’s always exciting to begin the process of creating a new community, knowing families we have not even met yet will see their dreams of homeownership come true.”

According to the latest September housing report by Arizona State University’s Michael Orr, the number of new homes sold in Glendale that month (12) dropped by more than half from a year ago, while the new-home median price there jumped by about one third to $239,040.

By comparison, the number of new homes sold Valleywide was up 23 percent year-over-year and the median price climbed 27.4 percent to $219,122 — below Glendale’s pricing.

Kristena Hansen covers residential and commercial real estate.


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Walter Unger CCIM, CCSS, CCLS

I am a successful Commercial Investment Real Estate Broker in Arizona now for 15 years and I worked with banks and their commercial REO properties for 3 years. I am also a commercial landspecialist in Phoenix and a Landspecialist in Arizona.





we are at on the a rise of the cycle in Commercial Real Estate.  so there is only one way and it’s called we are going up and now is the time for you to expand, upgrade or invest in Commercial Properties in Phoenix.  The prices on deals I may get you will not be around forever.



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