BUCKEYE, AZ — The Howard Hughes Corp. (NYSE: HHC) has plopped down $600 million for the proposed 37,000-acre Douglas Ranch master-planned community in Buckeye.
The proposed development — 35 miles from downtown Phoenix on the west side of the White Tank Mountains — is expected to have 100,000 homes, 300,000 residents and 55 million square feet of commercial development.
Scottsdale-based El Dorado Holdings Inc. and Phoenix-based JDM Partners — which sold the vacant land to HHC, will still maintain a 50% stake in Trillium, the 3,300-acre master-planned community designed as the gateway into Douglas Ranch.
While HHC will own the other half of Trillium, JDM and El Dorado will each own 25% of Trillium, said Jerry Colangelo, founder of JDM.
"Bear in mind that Trillium has 10 years or less life span, it will be built out," Colangelo said. "We're plotting lots right now for the first 1,100 acres. Douglas Ranch will start sooner than later because Trillium is going to be moving along at a fast clip. Trillium is the front door opener of Douglas Ranch."
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