An investment group is anticipating the possibilities of new residential housing not far from the planned Burlington Northern Santa Fe Railway hub in Surprise.
The group, which is being led by Phoenix Suns minority owner Scott Seldin, has now purchased just under 970 acres in a relatively undeveloped northwest section of the city.
Purchase of the land from a combination of the company MCS Capital and the homebuilding Lennar Corporation was a reported $47.2 million.
The transaction, which included land for a wastewater and water campus, is being regarded as the starting point for what could prove a significant new era of development in Surprise.
What is officially called the Sunhaven master-planned community has the potential of supporting the construction of up to 2,500 new homes.
Reports have indicated that housing demand in the Surprise area is going to see an unprecedented increase owing not only to the soon-to-be built $3.2 billion railway hub but also because of the ongoing $60 billion building of a series of nearby Taiwan Semiconductor Manufacturing Company facilities.
Located some 30 miles to the northwest of Phoenix, Surprise has already seen its population jump from just under 31,000 two decades ago to more than 155,000 today. It is thought that the city will easily surpass the 163,000 mark by the end of the decade.
January 9, 2025
By Garry Boulard
