Article originally published in Phoenix Business Journal, written by Angela Gonzales
Fort Washington, Pennsylvania-based Toll Brothers Inc. plopped down $28 million for an 11.27-acre parcel of vacant land in north Scottsdale, on which it intends to build a luxury townhome community.
The parcel is within Nationwide Realty Investors’ Cavasson mixed-use project at the northeast corner of Miller Road and Cavasson Boulevard. The transaction equates to $2.5 million per acre, according to Tempe-based Vizzda LLC real estate database.
Plans call for breaking ground this fall for a 135-unit luxury townhome community to be called Toll Brothers at Cavasson, said Bob Flaherty, Toll Brothers group president in Arizona.
“With the mixed-use success that Cavasson has created with the hotel, the office buildings and employment, it is the epicenter of north Scottsdale,” Lieb said.