November 24, 2024 11:03 am
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More than 500 acres at former GM Proving Grounds in Mesa sold for $32M

By Kristena Hansen

Phoenix Business Journal

Despite blueprints for a world-class resort being abruptly put on the back burner this summer, Scottsdale-based DMB Associates Inc. is keeping the ball rolling for the residential component of the Eastmark master planned community.

A local home builder and a New York-based private equity real estate fund recently handed over a combined $32.2 million to acquire 527 acres at the former GM Proving Grounds in east Mesa. That’s where the groundbreaking on about 1,550 active-adult and luxury homes is slated for early 2014, the companies said in a statement Tuesday afternoon.

More than half of the price tag — $18.6 million — was paid by Scottsdale-based AV Homes Inc. (NASDAQ: AVHI), which will control 310 of those acres. AV Homes plans to erect an active-adult community that will include about 1,000 homes.

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