Nation’s Largest Homebuilder in Escrow to Buy Key Chunk of East Valley Land

Article originally posted on Phoenix Business Journal on November 21, 2019

Miami-based Lennar Corp. (NYSE: LEN) is in escrow to buy one of the last remaining large parcels of land in Gilbert.

The deal to acquire 90 acres is expected to close within the next couple of weeks, said Ed Grant, executive vice president of Scottsdale Investment Management, who is selling the land to the nation’s largest homebuilder.

Another 26 acres will be set aside for light industrial use, Grant told the Business Journal.

Plans call for beginning development during the second quarter of 2020 and beginning building model homes during the second quarter of 2021, said Jeff Gunderson, senior vice president of land acquisition and development for Lennar.

Located at the northeast corner of Recker and Warner roads, that community will be called Warner Meadow.

The goal is to have 487 homes in five distinct neighborhoods within Warner Meadow, from attached townhomes to 45-foot-wide single-family detached homes, Gunderson said. It’s too early to set prices, he said.

“We will be submitting our preliminary plat to the town of Gilbert before Thanksgiving,” Gunderson said. “We’re excited because we think it’s a great location for residential.

“We think that we were successful in putting a plan together that will really benefit the community in general,” he added. “It’s the right land use in the right location. It still leaves some light industrial for the town to continue to work on job creation uses for the light industrial component.”

But it’s been a long haul. The parcel originally was zoned for light industrial and business park uses, Grant said. In fact, the Gilbert Town Council denied the initial application to rezone the land for residential use in December 2018.

Then they hired Adam Baugh, a land use and zoning attorney with Withey Morris law firm. He was able to get it approved unanimously on Oct. 17.

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