By Rebekah Morris for the Arizona Builder’s Exchange
Harvard Investments has formed a joint venture partnership with Phoenix-based Brookfield Communities to complete the Fox Creek master-planned community in Bullhead City. This is the first time the two firms have partnered on a project, although they aim to complete more projects together in the future.
Under terms of the agreement, the two companies will jointly own Brookfield Communities’ Fox Creek master-planned development. They will develop the balance of the project and build the remaining 700+ homes. The 903-acre development along the Colorado River across from Laughlin, Nevada, currently has nearly 1,400 homes, 3,000 residents, and an array of commercial projects. Brookfield Communities started developing Fox Creek in 1996.
The new Brookfield/Harvard Communities venture will complete Fox Creek’s 200-home Sanctuary subdivision, kick-off the new Ridge neighborhood, with homes reminiscent of those in classic Santa Monica neighborhoods, and start construction on the new 175-acre Canyon Trails portion of Fox Creek.
The majority of the lots are only platted, although some are finished and ready for the homes to be built.
In addition, the joint venture partnership includes 20 acres of prime commercial property on Bullhead Parkway in Bullhead City. Tim Brislin, Vice President at Harvard Investments, noted that the commercial property is likely to be sold as individual pads when a specific party decides to complete a project. The Harvard/Brookfield partnership will likely not be the developer on that part of the community.
“Brookfield Communities has a history of success and continued growth in the active adult homebuilding market,” said Craig Krumwiede, President and Director of Harvard Investments. “We believe this is a solid opportunity to begin a partnership and potentially build a number of great communities with lasting character.”
Construction is also moving quickly on Joshua Springs (AZBEX, May 16, 2014), a 95KSF assisted living facility in Fox Creek. Set to be completed later this year, the $17M Joshua Springs is being developed by Link Development, a boutique builder and manager of assisted living facilities. Brookfield Communities sold Link Development the land for Joshua Springs in 2008.
Besides the investment in Fox Creek, the agreement between Brookfield Communities and Harvard Investments could expand into existing projects and developments both entities have underway across the Southwest. Harvard Investments is looking for more acquisitions and has expanded their search to all parts of Arizona, even into New Mexico and Texas.
They look for a well-located property with a near-term horizon, great infrastructure, and something that makes the parcel unique.