Arizona developer purchases 1,864 acres for master-planned community in Goodyear
A new planned community could be coming to the southwest Valley.
Scottsdale-based Harvard Investments, a real estate investment and development company, announced this month it acquired the 1,864-acre King Ranch in Goodyear for $22 million.
The land was purchased from Dallas-based HE Capital KR LLC. The company has owned the land since 2008 but did not proceed with development. But the land has been zoned for a master-planned community since the early 2000s, said Tim Brislin, senior vice president at Harvard Investments.
King Ranch is not Harvard Investments' only presence in Goodyear. The company is also the master developer of the neighboring master-planned community Estrella. One of the southern boundaries of King Ranch is the northern boundary of Estrella. But despite their proximity, King Ranch won't be integrated into Estrella and instead will be its own master-planned community, Brislin said.
Harvard Investments has also been involved in other residential and commercial developments in Goodyear. FirstStreet Ballpark Village is a single-family build-to-rent community across from Goodyear Ballpark that's set to begin leasing by the end of 2023. It's also developing Goodyear AirPark, a 7-million-square-foot industrial park near the Phoenix Goodyear Airport.
"We know the city well. We know the mayor and council and staff. And the seller was finally ready to sell it (King Ranch) at a price that made sense for us to buy it," Brislin said of King Ranch.
Although the King Ranch site is already zoned, Brislin said enhancements and improvements to make the site more modern will be made. The company is also evaluating other ways to maximize use of the site.
Harvard Investments does development in communities like Estrella but sometimes purchases a property and resells it for an investment without doing any development. For now, the company is holding the King Ranch site for investment. That means Harvard Investments will be moving forward to get the land ready for the future, like working on infrastructure with the city or updating the entitlements, which refers to the legal process of getting approvals for what can be done with the land.
Brislin said the company will be working with the city on water for the 4,000 residential units currently in the entitlements. Goodyear is a designated provider, which means it does have a 100-year assured water supply designation from the Arizona Department of Water Resources and can supply the area with water.
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Reach the reporter at ahardle@gannett.com or by phone at 480-259-8545. Follow her on X, formerly Twitter: @AlexandraHardle.
This article originally appeared on Arizona Republic: Developer purchases land for master-planned community in Goodyear
