The Phoenix suburb of Buckeye, home to 90,000 people, is recognized for wildlife and outdoor recreation, including hiking, mountain biking and camping, and is most famous for its annual fall Country Fest, according to a glossy overview by real estate brokerage Redfin Corp. (NASDAQ:RDFN).
But the idyllic lifestyle is about to change. The enormous Teravalis development broke ground in late October on a project that will bring the once-quiet town more than 100,000 homes. The new development comes courtesy of the Howard Hughes Corp. (NYSE:HHC), which is developing the 37,000-acre master-planned Teravalis community in the Phoenix West Valley. In addition to the residential community, the project includes more than 55 million square feet of commercial development.
"This increases the demand for housing opportunities, and Howard Hughes is answering that call with this impressive community, providing quality housing options for current and future Arizonans,” Gov. Doug Ducey said.
Teravalis, previously known as Douglas Ranch, will become Arizona's largest master-planned community in one of the country's fastest-growing metro regions.
The emergence of Buckeye as a destination began in 2003 when voters agreed to annex Douglas Ranch, a 35,000-acre master-planned community in the northern part of Buckeye. The land was predominantly used for farming, something the city had previously been protective about. The development was expected to begin in 2012, but the 2008 housing crash delay it.
Teravalis is strategically positioned in Phoenix’s West Valley, which is poised for an explosion of growth. Phoenix leads the country with 80% population growth in the past 10 years, including 100,000 tech workers and nearly 30,000 students graduating from the state's largest universities annually.
"Teravalis is designed as an authentic extension of the Phoenix West Valley's natural landscape — a place of extraordinary beauty,” Howard Hughes Phoenix region President Heath Melton said.
Teravalis’s location is also expected to take full advantage of the planned future construction of Interstate 11, which will connect Phoenix, Las Vegas and Southern California and eventually establish a trade route between Canada and Mexico.
Teravalis, which is expected to have an economic impact of up to $60 billion, is strategically located to take advantage of access to the West Coast’s supply chain, furthering the state’s reputation as one of the nation’s top economic development performers.
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