One of Arizona's largest developers is unveiling a new master-planned community in San Tan Valley, an area that had been plagued by water issues. Here's the game plan.
El Dorado Holdings Inc. is unveiling a new master-planned community in the southeast Valley, selling 363 lots to the first homebuilders.
The Scottsdale-based developer sold 129 lots to Brightland Homes for $2.79 million, 110 lots to William Ryan Homes for $2.6 million and 124 lots to Century Communities for $2.7 million within the first phase of a new community called Silver Cross Ranch in the San Tan Valley, according to Tempe-based data research firm Vizzda LLC.
Nate Nathan, David Mullard and Casey Christensen of Scottsdale-based Nathan & Associates Inc. negotiated the transactions that closed on Jan. 17.
"Silver Cross opens the door for The New Southeast Valley," said Nathan, designated broker and president of Nathan & Associates. "There is already activity on Phase II with other builders, due to the huge demand for lots and the low supply in this area. El Dorado's tremendous success with their other community to the north, Bella Vista, is showing how strong the San Tan Valley is becoming."
When completely built out, Silver Cross Ranch will include 1,195 homes across 389 acres starting at the southeast corner of Quail Run and Arizona Farms roads, Grogan said. The second phase of the development will include another 363 lots, while the third phase will be 469 lots, he said.
El Dorado is one of Arizona's largest developers. In April 2024, El Dorado sold 447 lots to Mattamy Homes and Lennar Corp. (NYSE: LEN) at its $2.1 billion Bella Vista Farms master-planned community that spans 1,500 acres near North Gantzel and East Bella Vista roads in Pinal County. The company was also part of a group that in 2021 sold 37,000 acres in Buckeye that's now being developed into the Teravalis master-planned community.
Silver Cross Ranch has been a long time coming, said Chris Grogan, president of El Dorado Holdings. The land was in an area served by Johnson Utilities, which was acquired in early 2021 by Epcor Water Arizona Inc. after battling water quality issues and a class-action lawsuit.
"This one has been a long journey. We have owned this property a long time but it got caught up in the Johnson Utilities issue in San Tan Valley," Grogan said. "We've been trying to solve the sewer solution for the better part of eight years."
As a result, El Dorado will build $10.5 million worth of facilities that will distribute wastewater to Epcor's regional wastewater treatment plant, Grogan said.
"We partnered with Epcor to help advance their system and fund critical utility improvements that will benefit the entire region," Grogan said. "We're excited to take on the much needed, critical infrastructure ourselves to enhance the sewer solution's viability for this entire region."
Amenities at the Silver Cross Ranch will be similar to Bella Vista's amenities, Grogan said, including a robust trail system, park, sports courts and pool.
"El Dorado has been partnered in Pinal County for decades, helping bring forward infrastructure," Grogan said. "We're super excited to launch this development as we'll be continuing with that tradition of partnering with our homebuilders and utility providers to bring critical infrastructure."
Taylor Lilly, Phoenix division president for Century Communities, said he plans to offer two product lines with homes ranging between 1,550 and 2,800 square feet that will be priced from the low $300,000s to the mid $500,000s.
"The construction of the regional wastewater facility is crucial to homebuilders in the area as it provides essential infrastructure that enables continued development and growth in the region," Lilly said. "The new facilities will support further expansion into this southeast region, which is necessary to accommodate the growing demand for residential housing in the metro Phoenix area."
Plans call for building a combination of existing product, along with some new plans being designed for new, upcoming communities, Lilly said.
"With Phoenix consistently ranked among the fastest growing cities in the U.S., with a growing population driven by inbound migration from other states seeking affordability, we are looking into creative ways to increase our market share by continuing to focus primarily on first-time homebuyer communities but also to expand into offering higher-end move up homes as well as offering townhomes in key urban areas," Lilly said.
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