VIZZDA—February 1st, 2013 — Taylor Morrison Homes has purchased 35.81 acres of agricultural land in Gilbert planned for the Copper Leaf development for $5,819,434 or $162,508.63 per acre. Taylor Morrison paid cash for the property, which abuts and was previously owned by the Central Christian Church of the East Valley.
The site is located at the Southeast corner of Germann and Lindsay Roads. Per City of Gilbert planning documents, it is platted for 111 lots in two parcels:
- 54 lots on 18.01 acres with typical lot dimensions of 55’ x 120’ for an average lot area of 6,600 ft2
- 57 lots on 18.49 acres with typical lot dimensions of 65’ x 120’ for an average lot area of 7,800 ft2
The community will have a density units per acre ratio of 3.10, a per lot price of $52,427.33, a per front foot price of $871.82 and a per square foot price of $3.73.
Central Christian Church of the East Valley previously acquired the land as part of a roughly 149-acre assemblage on January 7th, 2002 for $10,167,636. On February 12th, 2002, the church secured $18m in new debt with Bank of America. This debt was modified on March 29th, 2005 to extend the maturity to February 28th, 2012 and reduce the principle balance to $12m. On June 23rd, 2006 the debt was modified again to increase the principle balance to $36m.
As we reported here, Taylor Morrison acquired roughly 32 acres of planned residential land in Phoenix for $3.96m, bringing their total land acquired in 2013 to 67.93 acres for $9,419,434.
Director of Analytics