In February 2013, Pulte Home Corporation (NYSE:PHM) announced its plans to build approximately 650 homes on 208 acres for the Del Webb at Dove Mountain Active Community in Marana. In phase one, 100 lots were acquired.
Now in phase two, Pulte recently acquired 69 acres for $1.8 million to plat an additional 63-lots ($28,000 per lot).
This is the second phase of a five phase option agreement with Cottonwood Properties, Inc. and DM Phase IV Investments, LLC (David Mehl, CEO).
Del Webb Corporation was acquired by Pulte Home in 2001 and is a leading builder in active adult communities. The Del Webb at Dove Mountain Community will be located southwest of the Ritz Carlton Resort off Dove Mountain Blvd and will reportedly have a mixture of 40′, 50′ and 60′ lots.
Pulte Home conducts operations in 58 markets throughout 28 states. This will be the second active Del Webb community in the Tucson area; the other being Del Webb at Rancho Del Lago in Vail. Pulte through Del Webb is currently marketing three communities in the Phoenix valley.
“We are excited to bring the Del Webb brand to Dove Mountain, ” said John Chadwick, PulteGroup Southwest Area President. The timing is ideal as the Tucson Market is strengthening with housing demand outpacing supply. This will truly be a unique active adult community with its intimate size, sought-after location and physical beauty, all surrounded by fantastic recreational amenities.”
Within a day of posting a “coming soon” sign on the property, Del Webb received nearly 100 inquiries.
Cottonwood Properties of Tucson is privately owned and the original developer of the 6,200 acre Dove Mountain community in Marana, Arizona. In addition to the many neighborhoods within Dove Mountain, Cottonwood developed The Ritz-Carlton Resort, Residences and Golf Club – home to the Accenture Match Play World Golf Championships. Cottonwood was represented in this transaction by Bob Hadd of the Hadd Company of Oro Valley; Pulte represented itself.
To find out more from Pulte Homes contact Jacque Petroulakis, Public Relations Director at (480) 391-6169. Bill Hallinan, Vice President at Cottonwood Properties can be reached at (520) 299-8424.
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[mepr-show rules="58038"]Sale date: 1/10/2014. Exact sale price: $1,773,000, all cash. APNs 218-34-225, 226A, 226B, 226C[/mepr-show]