PHOENIX, AZ – The recovering Phoenix homebuilding market has
flexed its muscle once again, prompting a new joint venture that links local
real estate development veterans Steven Pritulsky and Paul Timm,
and their company New Leaf Communities, with long-time Southern
California-based builder Watt Communities.
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| Steve Pritulsky |
The venture, Watt Communities of Arizona, has closed on two
infill townhome community sites—one in central Tempe and another in the
Biltmore area—that will bring the infill residential experience of Watt
Communities to Arizona.
The joint venture is evaluating other sites in key Phoenix
area urban infill markets as well, with the goal of developing many more
quality, attached for-sale communities.
“We are firm believers in the power of local industry
expertise. It is one of the best ways to understand the direction and needs of
a market,” said Watt Communities President Howard Press.
“New Leaf brings that expertise to this joint venture and
Watt, in turn, brings deep-rooted success in urban residential infill
development. The combination will allow us to acquire land and build wisely and
precisely, according to what metro Phoenix homebuyers are seeking.”
“We anticipate a pipeline of Watt-New Leaf deals that will
take advantage of some very unique land positions in Metro Phoenix and bring
new, quality living options and innovative product designs into our urban
cores,” said Pritulsky, who serves as New Leaf Communities President and CEO.
“We are thrilled to have Watt as a partner.”
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| Paul Timm |
Two sites previously acquired by New Leaf have been
purchased by the new venture. The company’s “Dorsey” project is located on 3
acres in central Tempe, Ariz., just south of the southwest corner of Broadway
Road and Dorsey Lane, and within minutes of the Loop 101, Loop 202 and US 60
Superstition freeways.
In the planning stage now, the venture intends to develop a
54-unit for-sale townhome community. When completed, the project will be
complimented by other existing uses within Dorsey Crossing, a mixed-use
residential, office and commercial services development.
The venture’s “Biltmore” project site is located less than a
mile south of 24th Street and Camelback Road, and the Biltmore Fashion Square.
It totals 1.7 acres south of Glenrosa Avenue between 26th and 27th streets.
The site is a mile east of the 51 Freeway and just three
miles north of Phoenix Sky Harbor Airport. Like the Tempe location, the
Biltmore site is planned for townhome development, with 29 units envisioned for
the project.
Both properties will offer contemporary, three-story urban
townhomes ranging in size from 1,400 to 1,800 square feet, and each with its
own two-car garage.
Community amenities will include gated entry,
pool/ramada/sundeck, outdoor poolside kitchen and landscaped paseos throughout.
Pricing for the new projects will be released as the communities near
completion.
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| Dorsey Crossing, Tempe, AZ |
“These are urban locations within established employment
cores, and our projects will match the quality and the vibrancy of these
neighborhoods,” said Timm, who serves as New Leaf Communities Chief Operating
Officer. “They will allow Phoenix residents to move from renting to owning,
without giving up any of their urban lifestyle.”
Prior to forming New Leaf Communities, Pritulsky spent 20
years analyzing, acquiring and developing residential projects totaling more
than 7,000 acres and 17,000 residential lots.
Timm has more than 25 years of residential development
experience, including the construction of numerous subdivisions and the
formation of several investment partnerships for commercial and residential
real estate in the Southwestern U.S.
For a complete copy of the company’s news release, please
contact:
Stacey Hershauer
focusAZ
Marketing & Public Relations
(480) 600-0195
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