Developer, mining firm to combine on residential-commercial project
biz.yahoo.com
bizjournals.com
Tuesday March 21, 1:06 pm ET
From mining interests to home-sweet-home, the Phoenix-based office of Lowe Enterprises has entered into exclusive negotiations with BHP Copper Inc., to develop nearly 20,000 acres northeast of Tucson.
Lowe and BHP are proposing a master-planned development with a variety of residential, commercial and light-industrial uses for the land near San Manuel.
Part of the San Manuel site once served as a BHP copper mine and processing facility and has views of the Santa Catalina Mountains and the San Pedro River Valley. As many as 15,000 home sites are planned.
"Our company brings both local knowledge and national resources to the team," said Rick Newman, president, Lowe Enterprises Real Estate Group, Western Region. "We established a regional office in Phoenix in 1997 and have been active in multiple commercial real estate ventures throughout the area."
Lowe's current activities in the greater Phoenix area include development of Chandler Commons Office Park and the recent acquisition of two office properties, Paradise Valley Office Park and Scottsdale Executive Park. The firm also manages, through its subsidiary Destination Hotels and Resorts, several hospitality properties in the area, including the Royal Palms Hotel and Spa, the Tempe Mission Palms Hotel and Conference Center and the Pointe South Mountain Resort.
Lowe Enterprises is working on a preliminary design and will proceed with further analysis and market studies over the next several months.
Australia-based BHP Billiton (NYSE: BHP), a diversified resources company currently specializing in aluminum, iron ore, copper, and other major commodities, has owned the San Manuel site since the early 1950s. |
