By Jay Taylor | InMaricopa
City Council approved sale of the 11.4-acre parcel to Meritage north of State Route 238 and west of North Green Road. Meritage paid $895,387.50 for the land or $78,750 per acre. The transaction closed Aug. 25.
Meritage Vice President of Land Acquisition Tyler Champlin confirmed the sale.
“We are under contract on a city-owned 11-acre parcel but have not closed escrow,” he said. “Given that we have not closed, I am not at bay to share details of the transaction.”
According to Champlin, Meritage has five other communities in Maricopa – Province, The Lakes at Rancho El Dorado, Homestead, The Trails and soon to be Rancho Mirage. Prices at Meritage’s Maricopa communities range from $299,900 to $489,900.
Meritage operates in 10 states and was the fourth-largest homebuilder in Arizona and seventh largest in the U.S. in 2021. The company was founded in 1986 and has built more than 155,000 homes.
According to the contract, Meritage must make all reasonable efforts to obtain the necessary zoning changes, preliminary and final plat approvals, property improvement plans and a General Plan amendment prior to the approval’s termination date, which is 11 months after closing.
