Brent Moser of Grubb & Ellis Co.'s Phoenix land advisory group, tells GlobeSt.com that the project "represents the largest total unit apartment development that the Valley will see during 2002." The acreage is bounded by Loop 101 and Scottsdale Road, an area some believe will become the epicenter of metro Phoenix within 15 years.

The land is part of the 160-acre, mixed-use Chauncey Ranch development. Seller WestRanch Land Co. is a joint venture partnership between the Chauncey family and regional retail developer, Westcor. The partnership began developing the site about three years ago. There are 40 acres earmarked for office and retail projects and another 40 for an auto boutique by the United Auto Group.

The 40 acres dedicated to office development is in escrow. Moser believes a ground-breaking won't come until late summer so that the office product would deliver in Q2 or Q3 of 2003. That forecast is predicated on today's leasing environment.

Westcor's 40-acre retail tract already has commitments from Expo and Harkins Theaters. On the outskirts of Chauncey Ranch and the north side of Mayo Boulevard are another 60 acres waiting for build-out as a power center.

Moser brokered the land sale for Ameriton, a wholly owned subsidiary of Archstone Smith. Ameriton is a merchant builder of multifamily communities.