Scottsdale-based El Dorado Holdings Inc. has plopped down $82.7 million for 4,150 acres of vacant land at a time when the economy has caused land deals to come to a screeching halt.

Plans call for developing a master-planned community that will include 12,000 homes as well as commercial space, including industrial and retail, on the site that's an hour's drive southeast of Phoenix.

Currently called Merrill Ranch, the project represents between $600 million and $700 million in infrastructure costs and $3.6 billion in home sales, said Jim Kenny, a partner with El Dorado Holdings.

The two parcels are within the town of Florence, near growing employment hubs in the area, including Procter & Gamble's manufacturing plant and Nikola's factory in Coolidge as well as Lucid Group Inc.'s (Nasdaq: LCID) campus and Taiwan Semiconductor Manufacturing Co.'s semiconductor suppliers in Casa Grande.

The proximity to Phoenix-Mesa-Gateway Airport in Mesa and its growing employment hub also was a reason this area appealed to Mike Ingram, founder of El Dorado Holdings.

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By Angela Gonzales - Senior Reporter, Phoenix Business Journal