Development group expects lot sales to begin in January

MARC BUCKHOUT ~ MANAGING EDITOR~ 12/21/2011

Arroyo Norte, a development on the east side of I-17 between Anthem and New River,
will have lots for sale as early as January.
Owned by Starwood Land Ventures, the 150 acre development which is expected to one day be home to close to 300 homes, recently completed the infrastructure including water and sewer lines, electricity and gas lines. Arroyo Norte Drive, the street leading into the development, is expected to be completed by the end of December.
Mike Forsum, Co-CEO for Starwood Land Ventures, said his company plans to sell the lots in phases, the first of which will be 100 60 foot wide lots on the south end of the development.
“We’re thinking we’ll start marketing to the builder community in the first quarter and hopefully have some models up by the summer. I think we’ve got a unique niche with good sized homes in a great area.”
Forsum said in the second phase of the project his company will put 100 70 foot wide lots up for sale sometime in 2013. And then the final phase would be 80 foot lots that are closer to the mountain.
“We don’t think it makes sense to bring all 300 online at the same time,” he said. “With the market the way it is we’ll hold back and wait for it to rebound a little bit.” 
Starwood Land Ventures (SLV) is a Florida-based residential real estate investment firm focused on land acquisition, development and financing nationwide. The group
bought the 150-acre plot from Pulte Homes.