Pennsylvania builder tees up 2,200 homes in Surprise development
“Luxury homebuilder Toll Brothers Inc. is planning to build 2,200 homes in Surprise as part of the Prasada development.
Horsham, Pennsylvania-based Toll Brothers (NYSE: TOL) paid roughly $62.5 million for 781 acres west of Cotton Lane and south of Cactus Road in the massive mixed-used development that is bisected by Loop 303, according to Business Real Estate Weekly.
The land previously was owned by Suburban Land Reserve Inc., the real estate company for the Church of Jesus Christ of Latter-day Saints.
The project will be done in 10 phases, according to BREW, with a first phase of 463 lots planned. Toll has divided the land into 18 parcels and plans to develop homes on all of them.
Homes in the development will feature lot widths ranging from 50 to 70 feet with homes ranging from 1,400 to 4,000 square feet. Prices will start in the mid-$200,000 and rise to more than $500,000, according to BREW.
Prasada is a more than 3,300-acre development in western Surprise that has been on the boards since 2005. Currently in the development are some retail and apartments as well as an auto mall.
Toll had revenue of $1.59 billion during its second quarter that ended April 30 and income of $111 million, or 72 cents per share. Revenue was up from $1.36 billion a year earlier but income was down from $124.6 million.
In its West region, which includes Arizona, Colorado, Idaho, Nevada and Washington, the company reported it closed on 532 homes during the second quarter for revenue of $394.4 million. It was the second-highest region behind the company’s California operations in terms of revenue and the highest in the number of homes sold.”
By Patrick O’Grady Managing Editor, Phoenix Business Journal
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