DESTINATION AT GATEWAY IN MESA TARGETED FOR 700 + HOMES
Publish Date: 05-31-2019
MESA – An assemblage of roughly 250 acres in Mesa that has been in the works for nearly five years is now complete, paving the way for a mixed-use community with more than 700 residences. Located east of the Phoenix-Mesa Gateway Airport and south of the 3,200-acre Eastmark community, the planned development is being called Destination at Gateway. The Mesa acreage has been assembled by entities controlled by W Holdings in Tempe (formed by the Wolfswinkel family) and Freedom Communities LLC in Chandler (Brent Hickey, principal). Maricopa County records show the land was acquired in four transactions totaling a combined $25,253,636 ($100,584 per acre blended average). With its close proximity to the hugely successful Eastmark community and the burgeoning Elliot Road Technology Corridor anchored by Apple Inc. (NASDAQ:AAPL) and its $2 billion mega data center, several Valley home builders have already expressed interest in Destination at Gateway. Sources say at least one Phoenix-area builder may want to buy the entire tract, which is generally bounded on the north by Williams Field Road, on the south by Frye Road, on the east by Meridian Road and on the west by just west of Signal Butte Road. W Holdings executive Carson Brown, who spearheaded the investment and is responsible for marketing the project, says plans will include a for rent housing product. Although the property has a preliminary plat in place for 709 home sites with five single-family lot products, plans for the Southeast Mesa acreage are still fluid and parcels are being reconfigured to include sites for about 250 rental units, 10 + acres of commercial use and a 5-acre parcel that will be sold to the Mormon Church. Those components are targeted for 30 acres located at the southwest corner of Signal Butte and Williams Field roads. The W Holdings/Freedom Communities venture intends to complete the planning process and obtain a final plat before selling the land to one or more home builders and commercial developers. Rooftops within Destination at Gateway are expected by year-end 2020 or first quarter 2021. Public records show the brunt of the assemblage is roughly 185 acres located along the south side of Williams Field Road and between Meridian Road and Signal Butte Road on the east and west. Signal Butte 24 LLC (formed by W Holdings and Freedom Communities principals) was the buyer in that $19.55 million sale. Trusts formed by the DeMuro family of The Woodlands, Tex. (Eugene DeMuro, Joanne DeMuro, co-trustees) and investor Joseph Baldelli were the sellers. Jason Hyams and his partner Dave Headstream of CBRE in Phoenix brokered that sale. Fees were also paid to Cam Stanton of CBRE and Mike Ratliff, formerly of CBRE, and now with Insight Land & Investments in Scottsdale. Pacific Coach Inc. in Phoenix (Andrew Cohn, principal) provided $16.75 million in financing for that purchase. Signal Butte 24 LLC was also the buyer of the 30 acres at the southwest corner of Signal Butte and Williams Field roads. Groh Revocable Trust in Scottsdale (John Groh, Nancy Groh, trustees), was the seller. Brent Moser and Mike Sutton, formerly of Cushman & Wakefield in Phoenix and now with Lee & Associates in Phoenix, negotiated that sale. The remaining 37.734 acres, along the east side of Mountain Road at the southern edge of the assemblage just north of the future State Route 24, was sold in two transactions totaling $2.6 million. Those 18.867-acre parcels, which both sold for $1.3 million, were acquired by a company formed by Brown and an affiliate of W Holdings. Learn more from Brown at (480) 831-2000.
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