Tuesday, September 13, 2022 / by Juan Grimaldo
Landsea Homes unveils plans for large community in Pinal County
Newport Beach, California-based Landsea Homes Corp. (Nasdaq: LSEA) is planning to develop a new master-planned community in Pinal County.
The 461-home neighborhood, called Wildera, will be located at the northeast corner of Bella Vista Road and Quail Run Lane a couple miles east of Hunt Highway in the San Tan Valley area, a community located adjacent to Queen Creek.
Through California-based Arroyo Capital, Landsea purchased 136 acres for nearly $12 million in cash in September, according to documents filed with Pinal County. Construction on the project is expected to start immediately with a grand opening scheduled for December 2023.
The company said in a statement that it will offer "high quality, attainably-priced homes with great community amenities." Landsea said it does not provide financial details about projects and that pricing for the homes has not been set but will be determined by the market.
Wildera will feature various home products including single-family homes with modern architecture. It will also include a 13-acre park with an aquatic center, picnic areas with a shade trellis and barbecue, gathering areas, an open lawn and outdoor activity and children's play areas.
“Wildera will be Landsea Homes’ first master-planned community in this region, with robust recreational and cultural opportunities. We know home buyers will experience a great overall quality of life and we look forward to providing them with an opportunity to ‘Live in their Element’ in the near future," said Kaylee Smith, Arizona division president of Landsea Homes, in a statement.
Landsea reports higher Q2 sales
The company said its new community will also comprise "High Performance Home" features including smart home automation technology with an Apple HomePod mini, wireless network internet throughout the home, entry door locks, thermostat control, garage door opener control and more.
Arroyo CAP III-2 LLC, an entity connected to Arroyo Capital, purchased the 136-acre vacant property from Wolfkin Farms LLC, an entity connected to Penny and David Wolfskwinkel of Mesa-based Southwest Properties Inc. on Sept. 2, according to Pinal County documents and the Arizona Corporation Commission.
Southwest Properties Inc. was founded by the late Clifford Wolfswinkel, the brother of real estate mogul Conley Wolfswinkel, a controversial land speculator who was previously sued by his relatives for blocking the sale of land near Bella Vista Road and Quail Run Lane to a homebuilder, according to reports from 2005.
Landsea Homes also signed an option agreement to purchase the property from Arroyo by 2026, Pinal County documents show. Landsea is a national homebuilder with master-planned communities across New York, New Jersey, Arizona, Florida, Texas and California.
In the second quarter of this year, Landsea reported that it expanded its home sales revenue by 46.4% to $351 million and had net income of $14.9 million. Its total number of homes delivered increased by 35% to 572 homes with an increased backlog of 1,571 homes totaling $902 million, an increase of 31.2% from the second quarter of last year. Follow the stock here.
Written by Audrey Jensen – Reporter, Phoenix Business Journal.