Six home builders are coming together to resurrect a master-planned community in south Gilbert that stalled during the recession.
The builders — Maracay, Lennar, Taylor Morrison, T.W. Lewis, Meritage and Woodside — bought nearly 164 acres of land from JEN Partners to construct homes in a master planned community called The Bridges at Gilbert. The sale of the land at the southeast corner of Higley and Queen Creek roads was announced in mid-August.
The community was planned prior to the recession, but the original developer lost the land to foreclosure, according to several reports.
The August purchase means new life for the project, said Gina Canzonetta, director of marketing for Maracay Homes.
“These six builders are working together to reinvest in that vision. I think that’s very Arizona like. I don’t think you’d find that in any other state,” Canzonetta said.
The community will include walking trails, bike paths and water features, she said.
There will be 569 home sites between all the builders.
“They’re going to bring it out of the ground and back to reality,” she said. The scheduled opening is summer 2013.
JEN Partners bought 293 acres of The Bridges at Gilbert in 2011 with Real Estate Capital Partners, according to the companies’ websites.
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