Shea Homes just paid $36.48 million in cash for land in Mesa just south of the popular Cadence at Gateway master-planned community, with plans to build nearly 700 homes.

Plans call for developing the community in two phases, said Dave Garcia, vice president of land acquisitions and development for the Scottsdale-based homebuilder.

"We are in the process right now of working through the preliminary plat and eventually the final plat for the first phase," Garcia said. "We are hoping to be open for sales in the third quarter of 2022."

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By Angela Gonzales, Senior Reporter - Phoenix Business Journal