Scottsdale-based El Dorado Holdings Inc. has closed on 525 finished lots for $57.8 million at its 1,500-acre Bella Vista Farms master-planned community in San Tan Valley.

Miami-based Lennar Corp. (NYSE: LEN), Incline Village, Nevada-based Tri Pointe Homes Inc. (NYSE: TPH) and Roswell, Georgia-based Ashton Woods are the three homebuilders selected to build homes in the second phase of Bella Vista Farms, said Chris Grogan, a partner with El Dorado Holdings.

Both Lennar and Ashton Woods, along with Scottsdale-based Meritage Homes Corp. (NYSE: MTH), were selected for the first phase of Bella Vista Farms earlier this year.

"The San Tan corridor is exploding now that Epcor has taken control of the utilities, and the Mesa Gateway Airport area has become the place for new employment," said Nate Nathan, founder of Nathan & Associates Inc.

To continue reading, click here.

By Angela Gonzales, Senior Reporter - Phoenix Business Journal