One of the largest real estate development companies in the country is laying the groundwork to build a series of new residential communities in the next two years.
The Scottsdale-based Meritage Homes Corporation has spent nearly $130 million in the last year purchasing land in both metro Phoenix and Tucson for future development.
With projects based primarily in states of the south and west, Meritage Homes, founded in 1985, according to the Phoenix Business Journal, is the “seventh largest publicly traded homebuilder in the nation.”
In just the final quarter of last year, the company secured orders for nearly 3,200 new homes.
In the next year, Meritage hopes to build upwards of 245 new residential communities, with a larger goal of 300 by summer 2022.
Last month the company additionally announced plans to build 169 new homes in Texas City in southeastern Texas.
Meritage’s business model for southern Arizona tracks the region’s unprecedented growth, which has seen the population of metro Phoenix and Tucson increase by half a million people in the last decade.
By Garry Boulard
