CHANDLER — Tri Pointe Homes Inc. (NYSE: TPH) has plopped down $24.5 million to build more homes in the southeast Valley.
The Nevada-based homebuilder has been tied up in escrow for about two years for one of the three parcels of land, said James Attwood, Arizona division president.
That specific chunk of land in Chandler has been owned and operated by Treeland Nursery, which is moving to another location in Queen Creek, he said, which delayed the sale until recently.
"We're moving in to where their nursery had been," he said. "We're going to pay homage to its history on the site. Treeland is known for these palm trees in the shape of a W that we're planning to incorporate into the community as well. We're already doing some demo on that site. We're going to move quickly."
What's unique about this site is there aren't too many land opportunities remaining to build new homes in Chandler, he said.
"There's just not many remaining opportunities to purchase a new home in Chandler," he said.
Read more of this story from the Phoenix Business Journal.