Former GM Proving Grounds changing hands
More than 500 acres located on the former General Motors proving grounds in Mesa have changed hands and are expected to be turned into homes.
The Phoenix Business Journal first reported that Scottsdale-based AV Homes and New York City’s JEN Partners have purchased 527 acres on the site of the former proving grounds for $32.2 million. In a release, AV said it will use its 310 acres from the deal to build an active adult community with about 1,000 homes. For its part, JEN Partners will control 217 acres and plans to sell approximately 550 luxury home sites to a select group of homebuilders. Five square miles of the former proving grounds were bought by Scottsdale-based DMB for $265 million in 2006, but the real estate crash delayed development on the property. The site’s proximity to the growing Phoenix-Mesa Gateway Airport is expected to be attractive to homebuilders and developers.