The team behind one of the largest — and most expensive — mixed-use developments in the East Valley has secured the land for its project that had attracted neighborhood opposition and was significantly altered from its original proposal.
Power Ranch LandCo LLC closed a deal to acquire more than 300 acres of Gilbert land from The Dale C. Morrison Trust for $105 million on Wednesday, according to an affidavit of property value recorded in Maricopa County. Those 300-plus acres will eventually turn into a project dubbed The Ranch, which could end up having a $1 billion valuation upon full build-out.
“I am happy to announce the sale of this remarkable piece of land, a long-awaited achievement made possible through a collaborative and positive partnership with the town of Gilbert, Morrison Neighborhood Families, Dale Morrison and Indicap Inc. I firmly believe that this iconic project will serve as a testament to the legacy of the Morrison Ranch community, enhancing its unique character for generations to come," said Danny Perkinson, founder and broker at Perk Prop Real Estate, in a statement. His firm brokered the sale of the land on behalf of The Dale C. Morrison Trust.
