El Dorado Holdings Inc. has bought two parcels in Florence totaling 4,150 acres for a total of $82.7M.
The company intends to develop a master-planned community with 12,000 homes and industrial, commercial and retail components.
EDH bought the property from Southwest Value Partners and GTIS. Nate Nathan, David Mullard and Casey Christensen of Nathan & Associates, Inc. represented both parties.
Estimated development and infrastructure costs for Merrill Ranch are expected to be between $600M and $700M.
El Dorado Holdings representatives said the Florence area’s growth as an employment region and the site’s relative proximity to Phoenix-Mesa-Gateway Airport in Mesa contributed to its appeal. The planned route for the North-South Corridor highway also runs through the property.
Representatives say the company is only now beginning the meetings and approvals process with the necessary regulatory and oversight bodies. Construction timelines will depend on the overall state of the economy, and EDH officials are predicting three-to-four years before development begins. (Source)
