Revisiting Master Planned Communities in Arizona—Ten Years Later
"Two of metro Phoenix's most popular and biggest new-home communities opened a decade ago in the West Valley: Vistancia in Peoria and Verrado in Buckeye," reports Catherine Reagor. To mark their first decade of existence, Reagor examines the state of these two master-planned communities, which are recovering from the downswing of a boom and bust cycle.
In fact, "Vistancia and Verrado made LA-based real-estate analyst John Burns' national list of the 50 top-selling master-planned communities in 2013. Vistancia ranked No. 31, higher than any other Arizona community. Verrado ranked No. 41."
Moreover, plans for large expansions of both communities are well underway. "Plans for [Vistancia's] second phase call for as many as 3,500 houses, a 900-acre reserve and a 500-acre commercial center with offices and retail."
Verado's expansion plans include an age-restricted community called Victory, on 1,200 acres. "In the non-retirement area, the final phase of the Heritage District at Verrado recently launched. Seven homebuilders paid a total of $45 million for 150 acres, where 640 houses are planned."