By: Daniel Benson; Belfiore Real Estate Consulting
In August 2013, Rose Law Group Reporter shared information provided by Belfiore Real Estate Consulting that Toll Brothers is continuing its expansion into the Southeast Valley by taking a 57 acre site through the Gilbert entitlement process. Since then, Toll Brothers closed on the site which has received preliminary plat approval for a 112 lot single family detached subdivision. The site is located at the northwest corner of Adora Boulevard and Riggs Road in Gilbert.
According to Gilbert Planning & Zoning Commission plat submittals, the subdivision (Calliandra Estates) is planned for 112 – 90’x125’ lots (click here to view the P&Z Commission packet). According to Gilbert, the plat was officially approved September 13, 2013.
According to public record (click here to view the affidavit), Toll Brothers closed on the preliminary platted lots on January 21, 2014 for $7,050,000 ($62,946 per lot / $699 per front foot / $123,616 per acre). The Seller, Riggs 57 LLC (Brian Burch and Bill Milne, Managers), originally purchased this raw site from the Flood Control District of Maricopa County on January 16, 2013 for $3,500,000 ($61,370 per acre).
