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| DaimlerChrysler have chosen Toll Brothers to develop the fabulous piece of real estate A joint venture consisting of Toll Brothers, Inc., which is the managing member; Meritage Homes Corp.; and Simon Property Group, Inc. has purchased a 5, 485-acre land parcel in northwest Phoenix from DaimlerChrysler Corporation for $312 million. According to research published by The Arizona Republic, this represents the largest dollar value land transaction recorded in Arizona history. DaimlerChrysler currently utilizes the Maricopa County property as a vehicle endurance testing and development facility and will continue to lease the property for the next few years. Toll Brothers and Meritage Homes each plan to build a significant number of homes on the site. Simon Property Group, Inc. has the option to purchase a substantial portion of the commercial property. Other parcels may be sold to third parties. Initial plans call for a mixed-use master planned community, which will include approximately 4, 840 acres of single-family homes and attached homes. Approximately 645 acres of commercial and retail development will include schools, community amenities and open space. Initial homes sales are tentatively scheduled to begin in 2009. According to the approved General Plan, the site allows between 15, 000 to 31, 000 homes. Robert I. Toll, chairman and chief executive officer of Toll Brothers, Inc., stated: “We are thrilled to have been chosen by DaimlerChrysler to develop this fabulous piece of real estate. The northwest area of Phoenix has experienced unprecedented popularity and this particular parcel is a highly coveted site. Toll Brothers is a Fortune 500 Company and the nation’s leading builder of luxury homes. Meritage Homes is a Fortune 1000 home builder headquartered in Scottsdale, Arizona and Dallas, with great history, experience and knowledge in the metro Phoenix market. Simon Property Group is the largest publicly traded real estate investment trust (REIT) in North America and the country's largest owner, developer and manager of high quality retail real estate.” Toll Brothers, Inc. is the only public home builder to have won all three of the industry's highest honors: America's Best Builder, the National Housing Quality Award and National Builder of the Year. It is a Fortune 500 Company and for the sixth consecutive year has been named to the prestigious Forbes Platinum 400. The group is identified by the magazine as “America’s Best Managed Companies”. Toll Brothers is among a select group of America's best big companies who have earned this honor each year in the new millennium. According to the magazine, Toll Brothers' 28.7% five-year annualized total return performance placed the Company #102 in the Platinum 400. write your comments about the article :: © 2006 Construction News :: home page |