Scottsdale-based residential homebuilder Meritage Homes will double the size of its headquarters next year in the first phase of an office complex under construction in the Perimeter Center.
The expansion is the result of growth by the company and a consolidation of satellite offices, according to a statement issued by Steve Hilton, the company’s co-chairman and co-chief executive officer. The company gained offices through merging with Hancock Communities and acquiring Monterey Homes.
Its headquarters is located at 8501 E. Princess Drive in north Scottsdale.
Meritage will be the anchor tenant in The Pinnacle in Perimeter Center and will occupy 70,000 square feet of a 100,000-square-foot, three-story office building. That building is the first phase of the project that eventually will include four office buildings along the north section of Loop 101 at Union Hills Drive.
The homebuilder will relocate its headquarters next March when the building is completed. More than 300 people will be employed at the new headquarters, according to Hilton.
"I believe this area is the apex of the Valley," he said. "Since half of our communities are in the West Valley and the other half in the East Valley, it was important to us that we have easy access to these regions via freeways. With the Loop 101 virtually at our doorstep, we’ll have that in addition to excellent freeway visibility."
Hilton was out of town Tuesday and unavailable for further information about the relocation and expansion plans.
Meritage, which operates nationally, was ranked No. 1 for five-year annualized total return on Forbes Platinum 400 list. It has delivered more than 35,000 homes, ranging from entry level to semicustom luxury.
It operates headquarters in Scottsdale and Dallas, and is active across the Valley building adult communities and single-family developments. The company builds homes across the West and South.
Also, the company said Tuesday it set a company history record with $1 billion in home orders in the second quarter fiscal 2005.
The residential homebuilder said the dollar value of homes ordered for the 30 days that ended June 30 was 44 percent higher than the $700 million ordered in the second quarter of 2004. The company also said it set a second–quarter record in home-closing revenue with $652 million, compared with $431 million during the same time one year ago, a 51 percent increase.