Three Homebuilders Set to Break Ground in New North Scottsdale Development

Article originally posted on Phoenix Business Journal on August 12, 2019

Three homebuilders are the first to sign contracts with Storyrock Development Corp. to build 177 homes within its 462-acre new master-planned community in north Scottsdale near McDowell Mountain Regional Park and Tonto National Forest.

Walnut, California-based Shea Homes, Houston-based David Weekley Homes and Scottsdale-based Taylor Morrison Home Corp. (NYSE: TMHC) have grabbed 40% of the lots within Storyrock, which has 2.5 miles of frontage on Scottsdale’s 30,000-acre McDowell Sonoran Preserve.

Storyrock is bordered on three sides by the McDowell Sonoran Preserve near 128th Street and Ranch Gate Road near Tom Thumb Trailhead, which receives 100,000 visitors and hikers each year, said Chase Emmerson, vice president of Scottsdale-based Storyrock Development Corp.

Storyrock is investing about $125 million to develop the master-planned community.

David Weekley and Taylor Morrison have some lots within the frontage, he said.

“The majority of preserve frontage lots are unsold,” he said.

Emmerson said he’s in talks with other large luxury homebuilders for the remainder of Storyrock. That development sits across the road from Toll Brothers Inc.’s (NYSE: TOL) Sereno Canyon, which already has about a dozen sales.

Those Toll Brothers sales have happened without any finished model homes on site. That kind of activity is good for his project, Emmerson said.

“There’s a range of options for homebuyers, so the activity is good for Storyrock,” Emmerson said.

Shea Homes is building luxury homes at Storyrock in north Scottsdale.

Shea Homes is building luxury homes at Storyrock in north Scottsdale.