A recent transaction in Casa Grande could eventually result in a master-planned community that will generate as many as 1,200 single-family units and 2,500 apartments.
Arizona Land Consulting and Valley Land Group LLC, both female-owned companies, partnered in a $23M purchase of 321 vacant agricultural land at Selma Highway and Interstate 10. The area is roughly a mile from downtown and is expected to become a major growth area. An interchange with I-10 is planned.
Seller Benross Corp. had held the property since buying it in 2013, leasing it to cotton farmers in the interim.
The buyers were particularly drawn to the property because it has Certificates of Assured Water Supply in place. New CAWS will no longer be issued by the Arizona Department of Water Resources due to drought restrictions, making new housing development challenging for sites that do not already have them.
The new owners intend to apply for a pre-plat and entitle the property to maximize density with a combination of single-family Build-to-Rent and traditional multifamily. Representatives said they have not yet decided if they will develop the land themselves or sell it to other builders. (Source)