The first wave of condos and townhomes will deliver in first quarter 2003, Jim Ratkovic, Centex's vice president of land acquisition and land development, tells GlobeSt.com. Barry Berkus of Berkus & Associates of Santa Barbara, CA designed the 70-building triplex project. Ratkovic says Centex has yet to decide on a project name.
Centex acquired the land from Anthem Arizona LLC, an entity of the former Del Webb Corp. Don Brigham, president of Coldwell Banker Commercial Metro in Phoenix, represented buyer and seller. The land, fetching $4.50 per sf, is located at the intersection of Interstate 17 and Anthem Way.
Ratkovic says Centex has been working on the plan for about a year as it wound its way through the city's entitlement process. "It's a unique site," he says. "It's triangular shaped and we had to make the project fit." He says the triplex is a new product that Centex is rolling out with the project.
Brigham tells GlobeSt.com that the land was not on the market for very long when Centex optioned it. The nearest multifamily project to Centex's new buy is 10 miles to the south toward Phoenix.
The Southwestern-style condo-townhome community will feature units in the $120,000 to $140,000 range. Apartment sizes will range from 1,050 sf to 1,550 sf and come in three-bedroom, two-bath and two-bedroom, two-bath models and all with attached garages.
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