Massive Teravalis development in Buckeye adds 7th homebuilder for 1st village
Dec 16, 2024, 10:41 AM
The first village in Teravalis is expected to open in October 2025. (Howard Hughes Holdings Rendering)
(Howard Hughes Holdings Rendering)
PHOENIX – A seventh company has been added to the roster of homebuilders for a transformational West Valley master-planned community.
Developer Howard Hughes Holdings on Friday announced the addition of Scottsdale-based Meritage Homes to the list of homebuilders for Teravalis in Buckeye.
Meritage joins the following six companies constructing houses in Floreo, which will be Teravalis’ first village when it opens next year:
- Brightland Homes
- Century Communities
- Courtland Communities
- KB Home
- Lennar
- New Home Co.
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“We are very excited to join in the first phase of this exciting project, and to partner with a renowned company like Howard Hughes, in bringing much-needed housing to the West Valley,” Matthew Meehan, Meritage Homes Phoenix division vice president, said in a press release. “Our commitment to innovation and energy efficiency in all of our homes aligns with the vision for Teravalis and we look forward to getting started in the new year.”
Why Teravalis is a transformational West Valley development
Construction on Teravalis, a long-brewing project previously known as Douglas Ranch, started in October 2022.
Plans for the ambitious 37,000-acre community call for 100,000 new homes with 300,000 residents and 55 million square feet of commercial development. Buckeye, currently is home to about 110,000 residents, would become Arizona’s fourth-largest city by population if the Teravalis projections are fulfilled.
Buckeye is already expanding rapidly. In fact, it was the nation’s fastest-growing city over the last five years, according to SmartAsset.
Teravalis, which means “land of the valley,” is located west of the White Tank Mountains and north of the developed portion of Buckeye, along the planned Interstate 11 corridor.
The Howard Hughes Corporation purchased the development from Jerry Colangelo’s JDM Partners in October 2021, although JDM still has a stake in the project.
The Floreo section is expected to open in October 2025 and expand to more than 8,000 homes over the next decade.
“We have a lot of momentum going into 2025, and adding Meritage Homes to our already impressive list of homebuilders only increases the excitement of what’s to come,” Charley Freericks, Phoenix regional president for Howard Hughes, said in the release.
