1/23/2010 10:00:00 PM
Two companies to take over StoneRidge development
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PRESCOTT VALLEY - A Los Angeles-based developer and a New York City-based real estate company have formed a joint venture to finish the StoneRidge subdivision here.
Shea Homes and Angelo Gordon Real Estate Inc. recently bought the 18-hole golf course and homeowners association center, along with more than 1,000 future home sites and other undeveloped land in StoneRidge from Tempe-based SunCor.
Shea Homes and Angelo Gordon also bought four other master-planned communities from SunCor, a subsidiary of Pinnacle West of Phoenix. Shea Homes and SunCor officials declined to disclose the StoneRidge sale price Thursday.
Shea is the largest privately held homebuilder in the United States, Jeff McQueen, executive vice president, told the Town Council Thursday. He said after the meeting the real estate slump did not deter the sale.
"We have been in this business for 40-plus years. It is cyclical," said McQueen, who is based in Scottsdale. "We expect strong growth in the future."
McQueen said he is not sure when the new owners will start building homes in StoneRidge.
"We are still working on our transaction with SunCor," he said. "We are hoping to take control by the end of February."
The sale came about because SunCor announced this past March that it was leaving the residential construction market. Brad Swisher, regional general manager for SunCor, said Pinnacle West, which also owns Arizona Public Service, wants to focus on generating and distributing electricity.
SunCor began developing the subdivision about 10 years ago and built 890 homes, Swisher said.
The new owners are buying 141 finished lots, 936 undeveloped lots for future phases and five to seven homes under construction, according to a staff report to the Town Council from Community Development Director Richard Parker. The subdivision also includes 55.4 acres for future construction for commercial purposes, multifamily or both.
The sale of StoneRidge is a matter of concern to town officials because SunCor signed three development agreements with the town government.
The development agreements deal with SunCor building roads, the bridge across StoneRidge Drive, parks and other infrastructure and amenities; the financing of the improvements through the community facilities district; and supplying effluent from the town's sewer plant to irrigate the golf course.
The Town Council voted unanimously Thursday night to transfer the agreements to the new owners. Councilwoman Patty Lasker voted on transfers because she said her ownership of a home in StoneRidge is not a conflict of interest.
SunCor has been a "fantastic partner" in Prescott Valley, Councilman Mike Flannery said.
Mayor Harvey Skoog said, "This is a very positive arrangement."
Development plans for StoneRidge began in 1994 when the council approved a development agreement with Lynx Ranch Development LLC and Lynx Creek Ranch Limited Partnership to develop about 1,800 acres south of Lynx Creek, according to Parker's report. SunCor began its involvement in 1998, and reduced the number of lots from 5,000 to 3,000.
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Posted: Tuesday, February 02, 2010
Article comment by:
No name provided
My husband and I were thrilled to hear Shea was negotiating the purchase of Stone Ridge. We have a custom lot in Stone Ridge and became very nervous when we heard Stone Ridge was up for sale. Our worries ended when we heard the name, Shea Homes. Stone Ridge is a lovely community and Shea Homes will continue to develop it into an even more beautiful development. Now we're even considering the sale of our lot and purchasing a new Shea Home (if we like the new Shea floor plans, of course),
Posted: Tuesday, February 02, 2010
Article comment by:
No name provided
My husband and I were thrilled to hear Shea was negotiating the purchase of Stone Ridge. We have a custom lot in Stone Ridge and became very nervous when we heard Stone Ridge was up for sale. Our worries ended when we heard the name, Shea Homes. Stone Ridge is a lovely community and Shea Homes will continue to develop it into an even more beautiful development. Now we're even considering the sale of our lot and purchasing a new Shea Home (if we like the new Shea floor plans, of course),
Posted: Wednesday, January 27, 2010
Article comment by:
No name provided
The price is not relevant, unless you were the seller. Shea Homes has an outstanding reputation for building quality, not to mention green, homes and communities. All of us in Prescott should consider ourselves lucky that Shea has invested in Stoneridge, and hopefully Prescott Lakes too if that rumor proves true.
Posted: Tuesday, January 26, 2010
Article comment by:
A Proud Resident
The StoneRidge community is the ONLY development in Prescott Valley that saves the town from a true distinction as complete blue-collar rathole. Hopefully, the town leaders recognize this and do everything within their power to keep the development successful.
Posted: Tuesday, January 26, 2010
Article comment by:
Sick of supporting out of town
Now all they need to do is figure out how to use LOCAL contractors/subcontractors to build their product and prove themselves interested in being a part of the community!
Posted: Monday, January 25, 2010
Article comment by:
Taking a bit of a dive are we?
Real estate rule #101: When the price drops far enough somebody will buy almost anything (even StoneRidge). Prices there will come back to earth soon. It wasn't outrageous like Prescott Lakes (that place is in for some serious "price adjustment" with that upside down golf course) but the lure's gonna have to dive a bit lower under water before many fish will bite.
Posted: Monday, January 25, 2010
Article comment by:
No name provided
Rumor on the street has it (you heard it here first!), Shea Homes did buy SunCor out of Prescott Lakes.
Posted: Sunday, January 24, 2010
Article comment by:
No name provided
I have to imagine they are well aware of what's going on at Prescott Lakes and until the golf issue is resolved on the uneducated will buy.
Posted: Sunday, January 24, 2010
Article comment by:
Jim Butler
Why did Shea Homes & Angelo Gordon Real Estate pass up on the purchase Prescott Lakes Golf Course & Fitness Center and the 700 or so improved building lots from M3? Sun Cor also wanted out of Prescott Lakes.
Posted: Sunday, January 24, 2010
Article comment by:
SLIGHTLY NEGATIVE, BUT ABSOLUTELY RIGHT
I don't understand why Lasker, declared no conflict of interest. If she lives there, and there is a chance of improved home prices, THATS A CONFLICT OF INTEREST.
Posted: Sunday, January 24, 2010
Article comment by:
No name provided
No mention of Shea Homes picking up SunCor's interest in Prescott Lakes, thats to bad.
Posted: Sunday, January 24, 2010
Article comment by:
No name provided
would councilwoman lasker change her mind if the prison was in her back yeard?
Posted: Sunday, January 24, 2010
Article comment by:
No name provided
not true, fain has land between stoneridge and country club.
Posted: Sunday, January 24, 2010
Article comment by:
No name provided
Price really isn't any of our business, w/ reputable people taking over, you will see your property appreciate.
Posted: Sunday, January 24, 2010
Article comment by:
stonehenge prison committee
Hey maybe we could build the prison in stonehenge, they have the land, but then fain would get nothing, how sad.
Posted: Sunday, January 24, 2010
Article comment by:
Ann Howell
As a realtor in the Prescott Area, I applaud SunCor for making sure that the development is handed over to a quality company. Stoneridge is a wonderful community with much to offer its residents and the Central Highlands Communities at large. It will be very exciting to see how it will move forward.
Posted: Sunday, January 24, 2010
Article comment by:
No name provided
why does the price matter?
Posted: Sunday, January 24, 2010
Article comment by:
Home Owner
Guess the rumors are true. As much as I hate to see SunCor hand over the reins I could not think of a more qualified or reputable builder to take over then Shea Homes. I cant wait to see how they rebrand the community, should be awesome for all of us living at StoneRidge.
Posted: Sunday, January 24, 2010
Article comment by:
gasMan
What a shame! No one found it necessary (or revealing?) enough to mention a price paid for the original development. Likewise, how about pushing a little harder to learn the sale price to the new owners. These are an integral part of the story, not so?
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