By Real Estate Daily News
Phoenix, Arizona – Mesa-based Bela Flor Communities secured three multifamily developers for their Mountain Vista project located near Signal Butte Road and Southern Avenue in Mesa, AZ. Lee & Associates represented the seller and all three buyers in the transactions.
Originally, the 80-acre development was planned as a large power center, anchored by Super Target. Through collaboration with the city of Mesa’s planning staff, Bela Flor defined a more mixed-use approach to attract residents and jobs to the area, and ultimately sales tax revenue for the City. “We had a shared vision of what this trade area could ultimately become, and Mesa really helped us advance it forward,” said Hudd Hassell, President, Bela Flor Communities.
In all, three parcels totaling 37 acres with over 900 future multifamily units will be built along Hampton Avenue, adjacent to Sprouts and future commercial and retail parcels. “It’s interesting to see three multifamily developers all building at the same time within the same project. What makes this situation unique is that the developers are catering to different demographics, and therefore won’t compete directly with each other,” said Hassell. There are still approximately 28 acres remaining for future medical office, commercial or business park uses.