By: Daniel Benson; Belfiore Real Estate Consulting
K. Hovnanian closed on a South Chandler site March 18, 2014 that the builder successfully rezoned and platted for 62 – 60’x130’ single family detached lots. The site is located south of the southwest corner of Ocotillo and McQueen Roads. The community is being branded as “Ocotillo Landing.” According to public record, K. Hovnanian acquired the site through three separate transactions with three different sellers. The first transaction (click here to view the affidavit) included a single family detached home on an approximate acre and closed back on July 3, 2013 for $350,000. The other two transactions (click here to view 1st affidavit / click here to view 2nd affidavit) closed March 17, 2014 for a combined purchase price of $3,906,600. In total K. Hovnanian purchased the site for a combined purchase price of $4,221,600 ($68,090 per lot / $1,135 per front foot).
K. Hovnanian received final plat approval for Ocotillo Landing at the February 27, 2014 Chandler City Council meeting. The preliminary plat was approved by City Council at its January 23, 2014 meeting. The rezoning, preliminary development plan and preliminary plat were all approved by the Chandler Planning and Zoning Commission at its December 18, 2013 meeting. According to K. Hovnanian, although the typical lot dimensions are 60’x130’, the community has a mix of deeper 140’ & 145’ lots.
