Harvard Investments Set to Relaunch Residential Project in Maricopa
by Angela Gonzales | Phoenix Business Journal
Homebuilders have purchased 606 lots, where Harvard Investments Inc. is relaunching a $150 master-planned community./Harvard Investments Inc.
Harvard Investments Inc. is relaunching a $150 million master-planned community project in the town of Maricopa, a 30-mile drive from Phoenix Sky Harbor International Airport.
The Scottsdale-based developer had teamed up with Meritage Homes Corp. (NYSE: MTH) in 2008 to buy 640 acres at auction. Originally, Scottsdale-based El Dorado Holdings Inc., the developer of the town of Maricopa, sold that land to a joint venture between Meritage and the now-defunct Hacienda Homes in the early 2000s.
The Meritage-Hacienda joint venture had installed much of the infrastructure and Scottsdale-based Meritage had begun building homes there, said Tim Brislin, vice president of Harvard Investments. But when the Great Recession decimated the Valley’s real estate industry, the property went into foreclosure.
