Experience teaches only the teachable.
Taking shape – ‘The Bridges’ at Gilbert steps up as region’s next big housing development.
Left for dead barely two years ago, $23 million deal reinvigorates East Valley project “It was a dead project,” explained Nate Nathan, president of Scottsdale-based Nathan and Associates. “The old developer designed the rear-loaded, green core, high-density stuff and the market changed and nobody was developing.”
That was before Nathan’s firm helped broker a $23 million deal with Terra West Communities to bring The Bridges back to life a little more than two years ago.
Under Terra West, The Bridges took new shape. Located at the southeast corner of Higley and Queen Creek roads, it now includes bigger lots, more parks and water features.
“We purchased the property and replanned it and re-entitled it and then sold it to the builders currently developing the property,” said Mike Jesberger, Terra West principal. “We replanned it for a more traditional single-family lot product, which is what the customer wants these days.”
Today, 11 builders are preparing lots and model homes on the site. Some have already begun pre-sales.
The project highlights the interest buyers and home builders have in the Southeast region of the Valley, Nathan said.
From jobs to transportation to entertainment, it’s where people want to be, he said.
“The bottom line is we’ve created 45,500 jobs. The whole Valley is on fire, but it’s a supply and demand thing,” he said. “We have huge job growth, a lot of it in the Southeast Valley. So Bridges, Eastmark, Morrison Ranch, Adobe Trails, Ocotillo are booming. We’re back.”
Jesberger said there was so much interest in The Bridges, that some home builders were not able to get into the project.
“We had to choose which builders we thought could actually pay the money to close the deal. It’s a very good, diverse builder line up,” he said.
The builders are Pulte, Ashton Woods, Lennar, Shea, TW Lewis/David Weekley, Meritage, Taylor Morrison, Maracay, Shea, Woodside and Gehan Homes, which is making its East Valley debut with The Bridges.
New home permits in Gilbert have been steady this year, with 174 permits in July and 197 approved in June, the biggest month to date. In the first sixth months of 2013, Gilbert has approved 1,251 new home permits. That’s down 26 percent from the same period last year.
But Gilbert’s Development Services Director Kyle Mieras said that’s because when the housing market crashed, many lots were finished but sat vacant. When building started to improve last year, those lots were ready to build on. This year, home builders need more time preparing lots again.
“There are sticks coming out of the ground right now. Models are up. It’s going to be a big development,” he said.
Gilbert still leads the Valley in the number of new home permits approved. Only Phoenix is close, with 1,102 new permits approved so far this year.
Last year, Gilbert approved 2,418 new home permits.
In addition to the 1,600 homes that are planned at The Bridges, the project includes a 20-acre school site donated to the Higley Unified School District. The district’s board approved a bond question for the November ballot that would include funds to build a school there.
Home building in the East Valley has been on a steady incline. From Mesa’s Eastmark — a 5-square-mile master planned community — to new phases of Gilbert’s Morrison Ranch and continued construction at Adora Trails, new home sales are picking up from their anemic rate of just a few years ago.
Ken Peterson, vice president of sales and marketing for Shea Homes Arizona, reiterated the interest in the East Valley.
“As a builder, the East Valley and Gilbert have always been hot spots and even at the low point of the market, homes still sold. Most of our communities in Gilbert have sold out faster than projected because of the demand for the area and we are thrilled to be one of the first builders at Bridges opening models in late September, although we are starting sales from our Marbella offices at the end of August,” he said in an email. “Buyers have been responsive to our newest product, Shea3D, that we just launched at Marbella. We had over 500 visitors to the community the opening weekend and we just released more lots to meet the demand that we are seeing. With low interest rates and a demand for the limited land opportunities in Gilbert, we are excited about the reaction we are getting from the market and anticipate an equally positive response once we open at Bridges.”
Contact writer: (480) 898-6549 or email@example.com East Valley Tribune.
a little about me and my expertise – video
Feel free to contact Walter regarding any of these stories, the current market, distressed commercial real estate opportunities and needs, your property or your Investment Needs for Comercial Investment Properties in Phoenix.
View my listings and my profile at:
Please go to my web-site and get all the newsflashes and updates in Commercial Investment Real Estate in Phoenix and Commercial Investment Properties in Phoenix daily
Follow me on Facebook:
Follow me on Twitter:
Follow Me on Linkedin:
Follow Me on Google+
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 and Landspecialist in Phoenix and a Landspecialist in Arizona.
WHETHER YOU LEASE OR OWN
NOW IS THE TIME FOR YOU TO EXPAND, UPGRADE OR INVEST.
In my opinion we are at bottom of the cycle in Commercial Real Estate in Phoenix, so there is only one way and it’s called we are going up again 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.
IF YOU OR ANYBODY YOU KNOW IS IN TROUBLE WITH YOUR BUSINESS, AS MANY AMERICANS ARE IN THE MOMENT, AND ARE ABOUT TO LOSE YOUR COMMERCIAL PROPERTY, PLEASE CONTACT ME. IF YOUR BANK IS BEHAVING BADLY I MAY BE ABLE TO HELP YOU GET OUT OF SOME OR MAYBE A LOT OF FUTURE HEADACHES.
WAITING TO SELL YOUR LAND ? TIMES CHANGE / IT’S TIME
We barely could give land away the last few years, but times are changing. Even in those meager years, I sold more land across the state than most other brokers. Before the real estate crash I was a land specialist in Arizona with millions of dollars of transactions, but then I had to change and also sell other commercial investment properties, which was fun, but I am a Commercial Landspecialist in Arizonal, a Commercial Land Specialist in Phoenix and love to sell land, one acre to thousands of acres.
Since I was a Land Specialist in Arizona and a Land Speciaost in Phoenix many of my clients, Sellers and Buyers remember me and now they are calling me again, so this is the time to get back into land and none of my clients, including future clients, will miss out on getting their best deal.
Also, if you are up-side down on your land, like many Americans, and the lender is giving you a hard time, now is the time to put your land on the market. Lenders are making deals now with short sales. I have been working with banks for many years – I learned how to work with them.
If you have any questions about the 1 to 3 above, about Commercial Investment Properties in Phoenix or Commercial Investment Properties in Arizona, I will gladly sit down with you and share my expertise and my professional opinion in Commercial Properties in Phoenix or Commercial Properties in Arizona with you.Obviously I am also in this to make money, but it could be a win-win situation for all of us.
Please reply by e-mail firstname.lastname@example.org or call me 520-975-5207 (cell) 602-778-5110 (office direct).
Walter Unger CCIM
Kasten Long Commercial
2821 E. Camelback Road, Suite 600
Phoenix, AZ 85016
Office : 602-445-4141
Delivering the New Standard of Excellence in Commercial Real Estate
- Commercial Real Estate Scottsdale
- Commercial Real Estate Phoenix
- Commercial Real Estate Arizona
- Commercial Investment Properties Phoenix
- Commercial Investment Properties Scottsdale
- Commercial Investment Properties Arizona
- Land Specialist Arizona
- Arizona Land Specialist
- Land Specialist Phoenix
- Phoenix Land Specialist
- Land For Sale Phoenix
- Land for sale Arizona
- Commercial Properties For Sale Phoenix
- Commercial Real Estate Sales Phoenix
- Commercial Properties Phoenix
- Commercial Properties Arizona
- Commercial Land Specialist Phoenix
- Commercial Land Phoenix
- Multifamily land Phoenix
- Retail Land Phoenix
- Industrial Land Phoenix
- Land Commercial Phoenix
- Land Retail Phoenix
- Land Industrial Phoenix
- Land Multifamily Phoenix
- Industrial Land for sale Phoenix
- Land Industrial
Disclaimer of Liability
The information in this blog-newsletter is for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Tax articles in this e-newsletter are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided “as is,” with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.