Daniel Benson; Belfiore Real Estate Consulting
A South Scottsdale church site recently traded hands from the church to a local builder then to a national, publicly traded, builder all on the same day. Local builder Turner Communities was the listed applicant on all entitlement documents related to the site. The site, located South of Indian School Rd off of Granite Reef Rd, received final plat approval from the Scottsdale City Council on 7/1/2013. The 3.86 acre site was platted for 13 lots with a typical lot size of 70’x115’. According to public record, the Board of Trustees for the Church of God sold the site to LJT Land Investments II LLC (entity controlled by Turner Communities) on 7/18/2013 for $850,000 ($65,385 per P&E lot / $934 per P&E front foot). On the same day LJT Land Investments II LLC then sold the site to Ryland Homes for $1,950,000 ($150,000 per P&E lot / $2,143 per P&E front foot). In addition to typical site development costs, the site has an existing church structure that will require demolition.
