By AZRE | AZ Big Media
Vermaland, a leading Phoenix-based land banking and development company, is developing Verma Vistas III, an 1100-acre master plan community located in Tonopah, Ariz. Properties of this size are very difficult to come by, so this makes the parcel the largest piece of privately owned land in the area.
Vermaland acquired this parcel due to its strategic location and is located at 427th Avenue and Narramore Road.
Mountain ranges three miles south of the property offer spectacular views. Other properties in the area that are 100 acres or more have been developed into solar farms by large energy companies. A number of one-acre residential lots can also be found in the area. Unfinished one-acre lots are in high demand in this part of Tonopah, with the average selling price being $50,000 per acre.
“During the pandemic, we saw an increase in housing demand, and with the shortage of affordable homes in the valley, we see a tremendous opportunity to develop in the area,” says Kuldip Verma, CEO of Vermaland. “There is a big shortage of finished lots, so we are getting ready for zone changes and pre-plat.”