By: Daniel Benson; Belfiore Real Estate Consulting
Sonora West Development (Scott Pfeiffer, President) acquired an 8.2 gross acre preliminary platted site at the northeast corner of 94th Street and Union Hills Drive in North Scottsdale. The builder has received preliminary plat approval from the City of Scottsdale for a 19-lot residential subdivision being marketed as Legacy Cove (click here to view the preliminary plat submittal). The preliminary plat was approved by the Scottsdale Development Review Board at its November 21, 2013 meeting.
According to public record (click here to view the affidavit), Sonora West Development closed on the 19 pre-plat lots on January 31, 2014 for $3,000,000 ($157,895 per lot / $2,256 per front foot / $365,854 per acre). Public records also show Sonora West took out an A&D loan with Meridian Bank in the amount of $3,300,000, and a revolving line of credit in the amount of $5,000,000.
The seller in the transaction, SJS 94th Street Development LLC, originally closed on the raw site back on October 31, 2012. According to public record (click here to view the affidavit), SJS 94th Street Development LLC closed on the 8.2 acre raw site for $500,000 ($68,306 per acre).