BUCKEYE, AZ — Howard Hughes Holdings Inc. has received final plat approvals to begin moving forward on the first piece of its 37,000-acre master-planned community in Buckeye.
Teravalis is Howard Hughes' (NYSE: HHH) largest proposed master-planned community to date, said Heath Melton, president of the Phoenix region for the company. Howard Hughes is headquartered in The Woodlands, Texas, north of Houston.
The first village of the project is called Floreo, which will be developed at the northwest corner of Sun Valley Parkway and a new street approved in the plats called Teravalis Parkway, Melton said.
It represents the entryway into Teravalis, which will be developed over several years.
Floreo represents about 5,000 single-family lots on 3,029 acres of the 37,000-acre Teravalis master plan. Buckeye City Council on Sept. 5 approved final plat requests for 1,097 single-family lots on about 330 acres which make up the first phase of Floreo.
