Daniel Benson; Belfiore Real Estate Consulting
According to public record and Michael IlesCremieux (Regional Vice President of Land Acquisition for Meritage Homes), Meritage closed on 391 pre-plat lots (276 – 50’x115 / 115 – 60’x120′) on December 18, 2013 for $17,080,310 ($43,684 per pre-plat lot / $825 per weighted average front foot) in Eastmark. According to Meritage, $3,231,410 of this purchase price will be paid to DMB Associates, Inc. for off-site improvement costs associated with Ray Road improvements that serve the site. DMB paid for the preliminary plat and Meritage will pay for lot engineering. Meritage estimates its finished front foot cost will be $1,275. Sales start estimated for 1Q2015. The preliminary plat for the site was approved by the Mesa Planning and Zoning Commission at its December 11, 2013 meeting.
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