Desert Creek at Las Sendas in Mesa Acquired by Ryland – Planned for 145 Lots

VIZZDA—September 9th, 2013 — Ryland Homes closed on the first of two phases within Las Sendas, a largely built out 2,432 acre master-plan in North Mesa, Northeast of Power & McDowell Roads. The subject community is to be called Desert Creek.

The sale price was $3.325M or $219,864 per acre for the roughly 15-acre parcel. City zoning documents indicate the subject sale portion is planned for 102 detached lots, with a minimum area of 2,399 ft2 and a minimum 30’ width. The second phase will comprise 43 lots, with the entire community to total 145 lots on 22.73 acres zoned RM-2 PAD for a project density of 6.38 density units per acre. Maximum height is 30’ for the two story units. Homes are expected to be 1,600 to 2,400 SF and average $275K.

The seller was an entity formed by Mr. J Chris Arnold of the UCI Companies, whose history within Las Sendas dates back to late 1990’s as part of a larger land holding. A related in conveyance in 2008 brought the 50.75 acre parent parcel (known as parcel 51) into the current ownership entity of Mr. Arnold who entered a development agreement with the City of Mesa with plans calling for:

·       180 condo units on 20 net acres

·       506K SF of office & retail (65’ max height)

·       160 room hotel

2008 plan referenced here.

Parcel D of Desert Creek at Las Sendas as it is currently planned

Part of the development stipulates that the residential component must be phased with a defined amount of non-residential development to be completed before the second residential phase can begin. On June 15th, 2012, 5 acres of parcel 51 was sold to IASIS Healthcare for $6.43 per ft2 or $280,057 per acre. The zoning for the planned 145 detached units represents a reduction in density from the agreed upon 180 condo units and was approved by Mesa City Council July 2013.

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