Taylor Morrison purchases 120 acres in Tierra Del Rio for $6.9M

taylor morrisonBy Edward Moore  | Vizzda

120 acres in the Tierra Del Rio development were sold to Taylor Morrison Homes by RSF Partners, a Dallas-based real estate investment firm. Tom Hennessey, vice president of land resources at Taylor Morrison, and R Scott Harris, principle at RSF Partners, closed the deal on October 16. The original purchase and sale agreement for this deal was signed on June 20, 2012. This transaction included parcel splits that were recently up for approval at the October 1, 2013 Peoria City Council meeting. The recorded saleprice was $6,913,500 or $57,612 per acre and is secured by a performance deed of trust in which an unspecified “additional purchase price” is guaranteed to RSF Partners.The 120.1 acre acquisition was originally planned for a mixture of open space and 45′ & 55′ wide lots. Present planning has 58.1 acres reserved for open space and 34.5 acres planned for 106 count of 55′ wide lots for 3.1 DU/AC. The recent splits include 19.67 acres originally planned for 45′ wide lots with a density of 4.4 DU/AC and 11.421 acres originally planned for 55′ wide lots with a density of 3.6 DU/AC. This land is has not yet been final platted for lots, however if we assume the original plans and planned densities are preserved then this land could become approximately 233 lots.

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