After buying a 1,315-acre parcel in Goodyear back in 2005, a Scottsdale developer is moving forward with what will be a $2 billion development.
Called Rainbow Valley, the master-planned community received unanimous approval from Goodyear City Council in late August.
Bobby Raines, vice president and designated broker for Scottsdale-based Americor Investment Group, said the entire project at buildout will be valued at about $2 billion.
Rainbow Valley, which is at Rainbow Valley and Queen Creek roads, is adjacent to RVG Partners’ 930-acre Terrasante being planned in Goodyear. The proposed Loop 303 is expected to run through a portion of the community.
Raines said the principals of Americor had bought the land in 2005, and has been leasing it to farmers for alfalfa fields.
“Our plan was to develop it and bring it to the market at the right time, and we feel that time is now,” he said.
The master site plan calls for 3,296 single-family lots, as well as a 45-acre commercial area for restaurants, retail and health care. The plan also includes 644 multifamily units to be built on 67.35 acres.
The next step is to begin working with homebuilders who can take over the project now or work with a national developer to develop those lots, Raines said.
“All of those will be great options,” he said.
While he envisions large national homebuilders taking those lots, Raines said the site plan doesn’t call for custom lots.
These two projects come at a time when sales have been heating up at Estrella, a 21,000-acre master-planned community being developed by San Diego-based Newland Communities in Goodyear where a record 645 new homes were sold in 2020.
There also are being more jobs created in the Goodyear area, said Jim Daniel, president of RL Brown Housing Reports.
“Building off the success of Estrella Mountain Ranch and the velocity of jobs created around the Goodyear airport, it makes sense for development to push south and west of Estrella Mountain Ranch, especially as future transportation corridors are completed in this area,” Daniel said.