Howard Hughes Holdings has recently secured the necessary approvals to kickstart the development of the initial phase of its ambitious Teravalis master-planned community in Buckeye. This vast project encompasses an impressive 37,000 acres, marking it as Howard Hughes’ most substantial master-planned endeavor to date. Teravalis’ maiden village, named Floreo, is set to feature approximately 5,000 single-family lots, spread across a sprawling 3,029 acres. Floreo will be located at the northwest corner of Sun Valley Parkway and Teravalis Parkway.
The Buckeye City Council‘s greenlight for the final plats is a significant milestone, as it includes approval for the first phase of Floreo, encompassing a total of 1,097 single-family lots, which collectively occupy an area of approximately 330 acres. Furthermore, the Teravalis development has forward-thinking plans for future commercial use. There will be a potential addition of a grocery store and essential medical facilities, with an eye on long-term community growth.
One crucial achievement in the development process is the acquisition of water rights, specifically secured for the inaugural 3,029-acre phase of the project. The persistently high demand for housing continues to place substantial pressure on the available housing supply in the region.
Howard Hughes Holdings initiated infrastructure work for the Teravalis project in October 2022 after acquiring the land in October 2021, in a transaction that involved a $600M payment to a partnership between El Dorado Holdings Inc. and JDM Partners LLC. These two companies still retain a combined 50% stake in Floreo. Notably, JDM Partners, under the leadership of sports mogul Jerry Colangelo, also holds a 17% interest in Teravalis, which was previously known as Douglas Ranch before its acquisition by Howard Hughes Holdings. (Source)
