Goodyear, Ariz., May 20, 2008 - Newland Communities, the
San Diego-based owner of the planned residential community Estrella ,
announces the purchase of approximately 3,000 more acres,
reflecting plans to expand the master-planned development in
Goodyear. The acquisition price for the land was $51.3 million or
about $17,000 per acre.
"For Newland, this is a long-term land acquisition as we plan to develop Estrella for the next approximate 25 years," said Robert McLeod, chairman and chief executive officer of Newland Communities. "For the long-term, the Phoenix market is forecasted to continue with strong population and job growth. Our confidence and commitment to residential and commercial development in Phoenix is demonstrated by this acquisition."
In 2005, Newland Communities purchased 3,750 acres of the 20,000-acre master-planned community from Sun MP. In 2006, an additional 2,700 acres were purchased and 2,800 more acres were acquired last May as part of the ongoing land investment in the community and the Greater Phoenix market.
"This is the fourth purchase Newland Communities has made in Goodyear's Sonoran Desert Valley since 2005," said Steve Pritulsky, senior vice president of Newland Communities' Phoenix Division. "Development of the recently purchased land will support our efforts to expand community services and our future plans for the expansion of the Estrella community," Pritulsky said.
Newland Communities now owns about 12,500 acres in Estrella within the Sonoran Desert Valley. Approximately 5,000 acres are currently developed in the existing master-planned community.
"Newland Communities is committed to the future of the metro Phoenix market, the growing Southwest Valley and the City of Goodyear. We are looking longer term, way beyond today's current market correction," said Greg Bielli, president of Newland Communities' Western Region.
Estrella by Newland Communities, located about 17 miles from downtown Phoenix on Estrella Parkway in Goodyear, provides a lakeside mountain oasis nestled in the Sierra Estrella Mountains in the Sonoran Desert Valley. Estrella currently offers more than 500 acres of parks and open space including 72 acres of lakes for boating and fishing, the Starpointe Residents Club, hiking trails, basketball, volleyball and tennis courts. Estrella is also home to a Nicklaus-design championship golf course. Estrella's sense of seclusion is enhanced by the adjacent 19,840-acre Estrella Mountain Regional Park. The land use plan for Estrella calls for approximately 50,000 homes, about 1,600 acres of commercial and a build-out of approximately 25 years (about 2033). For more information, please visit www.estrella.com.
About Newland Communities
Newland Communities is a privately owned company that creates residential and urban mixed-use communities from coast-to-coast. With expertise in creating a special sense of community, Newland brings to life the unique history, culture and traditions of the land they develop. They believe it is their responsibility to create enduring, healthier communities so people may live life in ways that matter most to them. Newland currently has nearly 40 communities underway in 14 states.