Escrow has closed and financing has been completed for the largest planned community in Phoenix history, the 4,140-acre Foothills, conservatively valued at $1 billion when completed.
The project is a joint venture between Del E. Webb Commercial Properties Corp., a wholly owned subsidiary of Del E. Webb Corp., and the Adams Group Inc., a wholly owned subsidiary of Burns International.
The joint venture will build the infrastructure and sell parcels to residential, retail, commercial and industrial developers. The master plan projects up to 12,000 residential units of all types and price ranges, two 18-hole championship golf courses, a resort hotel and other community amenities, in addition to commercial, business, and industrial facilities.
Participating financial institutions include BA Mortgage and International Realty Corp., Canadian Imperial Bank of Commerce, Mellon Financial Services and Sun State Savings & Loan Assn.