By: Daniel Benson, Belfiore Real Estate Consulting
According to public record, a partnership formed by Hinton Financial Services Inc. acquired approximately 108 acres in West Goodyear on Tuesday, September 3, 2013 for $6,000,000 ($55,645 per acre / $20,478 per P&E Lot / $318 per weighted average per front foot). The seller in the transaction was Pacific Capital Meadows LLC (an entity managed by Larry Fink). The buyer, Hinton Financial Services, is a Canadian company based in Edmonton Alberta.
The site, known as Amber Meadows, is located south of the southeast corner of Van Buren Street and Perryville Rd. The acreage is currently platted for 293 single-family detached lots, a number of tracts and a future 7.5 acre school site. The final plat includes 166 – 60’ x 120’ lots & 127 – 70’x120’ lots and was approved back on September 25, 2006.
Pacific Capital Meadows LLC (PCM) acquired the site through a deed in lieu of foreclosure transaction with JW Ventures Investments Holdings LLC back on July 31, 2009. Since taking control of the site PCM worked with the City of Goodyear to re-negotiate the development agreement tied to the site. PCM was successful in the negotiation and received City Council approval for an amended and restated development agreement. The agreement was approved at the 6/24/2013 City Council Meeting. The amended agreement relieved the land owner from pre-paid financial contribution obligations and instead allowed them to pay development impact fees at the issuance of building permits. The amended agreement also added several stipulations, including: the final plat for the site must be recorded by May 31, 2014 or the plat will automatically expire and construction of all public infrastructure and improvements (including regional water/sewer lines) is to commence within 180 days of the final plat recordation.
With the passage of the amended development agreement, the recent transaction, and increased homebuilder interest in the submarket, development of Amber Meadows in the near future appears imminent.
