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Mariposa Manor Vista
2.5 acre In-Fill Site
Casa Grande, AZ
Project Summary: In October of 2005, BDD 104, LLC purchased this 2 ½ acre site in an established area of Casa Grande - an incorporated city that lies just off Interstate 10 between Phoenix and Tucson. The site lies directly along a major north / south thoroughfare with a church directly across that street to the west and single family homes surrounding it on all other sides. To the south, seven homes were constructed on a cul-de-sac in the ‘90s. The LLC plans on mirroring the cul-de-sac design on its’ property, but new city regulations will probably restrict the number of lots to six. The site is raw land and a new subdivision will need to be mapped and approved prior to developing the site.
Current Status: The past owner of the property had begun the process of creating a subdivision, but stopped prior to receiving approval. Because this mapping attempt was never completed, the LLC will need to start the process from scratch. However, we were able to retain the original engineer to provide the required services and who is currently updating his prior work. Once the LLC has a reasonable expectation of receiving approval on the subdivision plan, the LLC Members will have a number of options: First, the lots could be sold, mapped but undeveloped, to a home builder or individual home buyers who wish to build their own homes; or Second, the Members will have the option to continue with site development including construction of the roads, utilities and other infrastructure to create more value and sell at that time; or Third, continue straight through to completed home construction.
Financial Profile: The 2 ½ acres were purchased for $300,000 ($50,000 per home site assuming 6 homes). An institutional lender provided the LLC with an interest-only land loan of $224,950 (75%) and has agreed to provide construction loans at the proper time. As Mariposa Manor lies less than one mile from another Poppies Corp community under development in Casa Grande, Filaree @ Palm Parke, the prices for Mariposa Manor will be set after initial sales at Filaree. Because the homes at Filaree will be smaller and with less standard amenities than the projected homes in Mariposa Manor, the LLC expects to use the marketing at Filaree to obtain custom home buyers who require a slightly better location, larger lots and homes, and higher neighborhood values.
LLC Investors Click Here for Mariposa Manor Vista Management Reports
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