Toll Brothers Inc. is planning to build 2,200 homes in Surprise, Ariz., as part of the Prasada development.
Horsham, Pennsylvania-based Toll Brothers (NYSE: TOL) paid roughly $62.5 million for 781 acres west of Cotton Lane and south of Cactus Road in the massive mixed-used development. The land previously was owned by Suburban Land Reserve Inc., the real estate company for the Church of Jesus Christ of Latter-day Saints. The project will be done in 10 phases, with a first phase of 463 lots planned. Toll has divided the land into 18 parcels and plans to develop homes on all of them. Homes in the development will feature lot widths ranging from 50 to 70 feet with homes ranging from 1,400 to 4,000 square feet. Prices will start in the mid-$200,000 and rise to more than $500,000. Prasada is a more than 3,300-acre development in western Surprise that has been on the boards since 2005. Currently in the development are some retail and apartments along with an auto mall. In its West region, which includes Arizona, Colorado, Idaho, Nevada and Washington, Toll reported it closed on 532 homes during the second quarter for revenue of $394.4 million. It was the second-highest region behind the company's California operations in terms of revenue and the highest in the number of homes sold. Reported by Phoenix Business Journal (Aug. 9, 2018) For complete information on Toll Brothers, including all corporate, region and division offices and top personnel, refer to The National Builders Directory and Online Database.
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