{"id":1004609823,"date":"2022-11-02T03:14:04","date_gmt":"2022-11-02T11:14:04","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004609823"},"modified":"2022-12-08T23:04:46","modified_gmt":"2022-12-09T07:04:46","slug":"howard-hughes-corp-breaks-ground-on-37000-acre-phoenix-project","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/howard-hughes-corp-breaks-ground-on-37000-acre-phoenix-project\/","title":{"rendered":"Howard Hughes Corp. Breaks Ground on 37,000-Acre Phoenix Project"},"content":{"rendered":"
\"\"

Teravalis. Image courtesy of The Howard Hughes Corp.<\/p><\/div>\n

The Howard Hughes Corp.<\/strong> has broken ground on Teravalis, a mixed-use master-planned community in Buckeye, Ariz. The 37,000-acre project will ultimately feature 55 million square feet of commercial development in fast-growing metropolitan Phoenix.<\/p>\n

Commencement of work on Teravalis, previously named Douglas Ranch, comes almost exactly one year after HHC acquired the shovel-ready site<\/a> from JDM Partners<\/strong> and El Dorado Holdings<\/strong> in a deal valued at approximately $541 million. The property, located roughly 35 miles from downtown Phoenix in the West Valley, was already fully entitled at the time of the transaction.<\/p>\n

Teravalis will feature 100,000 residences that will become home to an estimated total of roughly 300,000 dwellers who will be surrounded by a diverse array of commercial offerings in this city-within-a-city.<\/p>\n

\u201cWhat we are seeing today is a true paradigm shift as employees are setting the pace and influencing where companies want to be located as they follow the educated workforce moving to communities where people want to live, offering a better quality of life, professional success, shorter commutes and urban walkability,” Heath Melton, president of the Phoenix Region for The Howard Hughes Corp., told Commercial Property Executive<\/em>.<\/p>\n

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READ ALSO:<\/strong> Economist\u2019s View: How Employees\u2019 Flight to Quality Impacts CRE<\/a><\/p>\n

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Given the early stage of the project, HHC has not yet determined the specific breakdown of the commercial offerings; the company will begin with the development of the residential components and commercial space will follow in tandem with demand. However, generally, the commercial elements will mirror those seen in the company\u2019s portfolio of highly successful mixed-use master-planned communities.<\/p>\n

\u201cWhat we have demonstrated across the country in Howard Hughes communities<\/a> is our expertise in creating walkable, mixed-use areas with a cohesive, dynamic blend of office, retail, and entertainment spaces, all thoughtfully integrated into the surrounding natural environment,\u201d Melton said. \u201cWe craft and curate placemaking experiences that enhance the quality of life for our residents by offering home choices in close proximity to great commercial offerings\u2014shopping, dining, and entertainment\u2014and Teravalis will be no different.”<\/p>\n

Magnet for business<\/h2>\n

Teravalis, in and of itself, will be bait for commercial real estate users, as the development will hold the distinction of being the largest master-planned community<\/a> in the state of Arizona. Additionally, the project\u2019s location will place it right in the path of business\u2014literally. The sprawling enclave will sprout up within proximity to the planned Interstate 11, which will link Phoenix to Las Vegas and Southern California and in time, the thoroughfare will serve as a trade route between Canada and Mexico.<\/p>\n

\u201cThis future trade route will be a game-changer for commercial opportunities\u2014for Teravalis and for the entire western region,\u201d Melton added. \u201cDirect alignment with the future home of I-11 positions Phoenix\u2019s West Valley as an ideal hub for light industrial and logistic-based development.\u201d<\/p>\n

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READ ALSO:<\/strong> Industrial Market Trends, Takeaways From SIOR CREate 360<\/a><\/p>\n

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Teravalis will also distinguish itself as a high-technology, eco-friendly destination. Sustainability and conservation will be central themes of the development, with a focus on open space and highlighting the natural environment of the site, which sits between the White Tank and Belmont Mountain ranges. The project\u2019s new name, Teravalis, or \u201cland of the valley\u201d is a literal description of the expansive locale.<\/p>\n

Revolving stakes<\/h2>\n

HHC is not alone on its journey toward the realization of Teravalis. Per terms of the 2021 acquisition agreement, JDM had the right to exercise options<\/a> to reacquire interests in the project, and in August 2022, JDM did just that. The minority owner exercised its second option and purchased an additional 2.8 percent stake in the community joint venture for approximately $15 million, increasing its total interest in the partnership to 12 percent.<\/p>\n

The next step forward at Teravalis will involve HHC\u2019s announcement of the project builders, which the company plans to make later in 2022. If all goes as planned, Teravalis will make its debut in late 2024.<\/p>\n","protected":false},"excerpt":{"rendered":"

Teravalis, the largest master-planned community in Arizona, is slated for a late 2024 completion. <\/p>\n","protected":false},"author":969,"featured_media":1004609853,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21752,21742,1601],"tags":[38558,33156],"class_list":["post-1004609823","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-mixed-use","category-latest","category-phoenix","tag-jdm-partners","tag-the-howard-hughes-corporation"],"acf":[],"yoast_head":"\nHoward Hughes Corp. 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