Massive Teravalis master planned community breaks ground in Buckeye

The Howard Hughes Corporation ? in partnership with JDM Partners and El Dorado Holdings ? broke ground Friday, Oct. 28, on Teravalis, formerly known as Douglas Ranch.

Teravalis will become Arizona?s largest master planned community (MPC). The community anticipates 100,000 homes, 300,000 residents, and 55-million-square-feet of commercial real estate upon completion. The development of this community represents the future of the city of Buckeye, already one of the nation?s fastest-growing cities.

Speakers at the groundbreaking included:

? Heath Melton, President of the Phoenix Region for The Howard Hughes Corporation

? Jay Cross, President of The Howard Hughes Corporation

? Jerry Colangelo, Partner of JDM Partners

? Sandra Watson, President and Chief Executive Officer of Arizona Commerce Authority

? Eric Orsborn, Mayor of Buckeye

In December of 2021, The Howard Hughes Corporation and Jerry Colangelo announced the launch of Douglas Ranch. Encompassing nearly 37,000 acres in the nation?s fastest-growing metro region, Douglas Ranch was anticipated from the start to become one of the leading MPCs in the country. The MPC was acquired for ^400 million by Howard Hughes from JDM Partners, led by Colangelo, David Eaton and Mel Shultz, and El Dorado Holdings, led by Mike Ingram; both companies will remain as joint venture partners with HHC on Trillium, the 3,000-acre first village of Douglas Ranch, located in the city of Buckeye, Arizona.

 

?The launch of (this master planned community) is momentous news for Phoenix and the state of Arizona. We are creating a city of the future?leveraging The Howard Hughes Corporation?s development expertise to build a community with limitless potential to spur growth, business expansion, economic opportunity and innovation,? said Jerry Colangelo, sports executive, businessman, and long-time Phoenix resident whose development company, JDM Partners, is one of the largest owners of entitled land in Arizona.

The Howard Hughes Corporation owns, manages and develops commercial, residential and mixed-use real estate throughout the U.S. Its award-winning assets include the country?s preeminent portfolio of master planned communities (MPCs), as well as operating properties and development opportunities including the Seaport in New York City; Downtown Columbia®, Maryland; The Woodlands®, The Woodlands Hills®, and Bridgeland® in the Greater Houston, Texas area; Summerlin®, Las Vegas; Ward Village® in Honolulu, Hawai?i; and it?s newest and largest MPC in Phoenix.