New subdivision to bring 100 homes to northeast Phoenix

A new single-family subdivision is planned for a site in northeast Phoenix that once was home to horseback-riding stables.

The infill project, known as Santa Rita, is at 4421 E. Grovers Ave. One-hundred homes will be spaced across 19.5 acres, according to Sue Goodrich, vice president of sales for Cachet Homes, which is developing Santa Rita.

The neighborhood’s proximity to Loop 101 and Arizona 51, as well as to Desert Ridge Marketplace and local schools, contributed to Cachet’s interest in the property, Goodrich said.

Read more:  New subdivision to bring 100 homes to northeast Phoenix

Another northeast Phoenix infill project planned

Cachet Homes is planning a second infill development in northeast Phoenix if rezoning to allow for 100 homes on the parcel is approved.

The developer has its eye on property now used for boarding horses at 44th Street and Grovers Avenue, north of Bell Road.

It would be Cachet's second new development in northeast Phoenix. The company also is involved with a 200-unit apartment project on Cactus Road west of Paradise Valley Mall.

Matt Cody, president and owner of Cachet, said the horse property consists of 20 acres south of Foothills Elementary School. It is the home of Santa Rita Stables.

The property's assessed value is about $2 million.

A representative of the property owner, Santa Rita Stables Holding Co. LLC, could not be reached. The property apparently never has been developed beyond its current use.

Escrow opened in May and is contingent on the rezoning. A first hearing before the Paradise Valley Village Planning Committee will take place at 6 p.m. Monday at the Paradise Valley Community Center, 17402 N. 40th St. The request is scheduled to reach the City Council at its Sept. 19 meeting.

Rezoning of the 5-acre parcel for the apartment project on Cactus Road was approved earlier this year, and developers are waiting for leases in the current building, the 33-year-old Paradise Valley Medical Center, to expire, Cody said.

Cachet will team with Joe Meyer of Southwest Next Capital Management to construct the apartments, which will provide an upper-end housing alternative near the mall.

The property will include two four-story buildings that will wrap around a central courtyard with a pool. Parking will surround the buildings.

Both projects should be under way early next year, barring any unforeseen circumstances, Cody said.

by Michael Clancy - Jul. 6, 2012 04:15 PM The Republic | azcentral.com



Another northeast Phoenix infill project planned

Two Cachet Homes subdivisions in East Valley facing trustee sale

Phoenix Business Journal Jan Buchholz Friday, February 5, 2010

Wells Fargo Bank NA filed a notice of trustee sale on two subdivisions being developed by Phoenix-based Cachet Homes: the 25-acre Stratland Shadows parcel in Gilbert and the 5.6-acre Serenity Shores community in Chandler.

Both properties are scheduled to be sold at auction April 15.

Wells Fargo loaned Cachet $37.2 million for the Gilbert property and $15.8 million for the Chandler property. Neither Cachet nor Wells Fargo representatives would comment on the matter because of on­going negotiations.

“We cannot comment about this matter because our customer relationships are confidential,” said Wells Fargo spokeswoman Marjorie Rice.

Cachet is one of the few private home builders in Phoenix remaining in business despite the housing crisis of the past three years. The boutique home builder was founded in 1990.

These are not the first Cachet properties that have encountered problems.

Wells Fargo foreclosed on a 16-acre property in the Buckeye master-planned community of Verrado in February 2008. The bank took back the land from Cachet and sold it to Meritage Homes in November 2009, according to Zach Bowers, a real estate analyst with Ion Data, a Mesa research firm.

Two other properties — subdivisions in the Vistancia master-planned community in Peoria — also went back to the bank that originally financed them. RBC Centura Bank filed for foreclosure on the 19-acre and 16-acre properties in April 2008. RBC still owns those parcels, Bowers said.

Even though its Serenity Shores community is facing foreclosure, Bowers said Cachet took out three building permits Jan. 15 for single-family homes there.

“There may be other builders in similar situations to (Cachet’s), but none come to mind at this moment,” said Jim Belfiore, founder of Phoenix-based Belfiore Real Estate Consulting, which provides services to home builders. “Most of the builders that will not survive, I believe, have conceded and gone out of business.”

Ben Sage, director of Metrostudy’s Arizona division, said a few private builders — such as locally owned Fulton Homes — have been able to survive by filing for reorganization under Chapter 11 of the U.S. Bankruptcy Code.

Get Connected

Cachet Homes: www.cachethomes.net