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(Read more on the multifamily market.)

LAVEEN, AZ-Moving forward on its second project in the city, Evergreen Development Co. has acquired 39 acres for $4.2 million from a local couple. The residentially zoned land most likely will be split between a homebuilder and a multifamily developer.

“We’re talking with a couple of multifamily developers that are interested. Once we tie something down with one of them, we’ll start the entitlement process,” says Brett Heron, managing principal for Phoenix-based Evergreen Development. The development site is located at the intersection of 63rd Avenue and South Mountain Parkway, with the multifamily-zoned portion large enough to hold an estimated 412 units. Evergreen’s plan also calls for developing single-family lots and selling them to a homebuilder.

Heron points out that the just-acquired parcel from Robert and Barbara Moss is in a growing area of Laveen. “Kitchell has a million-sf project planned on the north side of Baseline [Road] and Barclay has a 500,000-sf project, with Target as the anchor in that area too,” Heron tells GlobeSt.com. “This is a fast-growing area.”

Heron says Evergreen’s familiarity with the market was the decisionmaker for taking on another project in the city. The team is putting finishing touches to the 96,600-sf Laveen Ranch Marketplace at the junction of 51st Avenue and Baseline Road, about three miles west of the new development site. Laveen Ranch Marketplace, anchored by Safeway Food & Drug, is part of Villages at Laveen Ranch, a 100-acre development with close to 300 single-family homes.

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