broke ground in late October,\u00a0<\/a>marking the beginning stage of what is to become a 37,000 acre site with more than 100,000 homes, 300,000 residents and 55 million square feet of commercial development. The project is expected to take 50 years to build in its entirety, with the first phase set to open in late 2024.<\/p>\nTranslating to \u201cland of the valley,\u201d the name Teravalis was inspired by the neighborhood’s desert landscape that lies between the White Tank and Belmont mountain ranges \u2013 a relationship the developers plan to foster with care.<\/p>\n
In addition to being one of the largest megaprojects Arizona has ever seen, the development claims to feature environmentally conscious design, a sign of its developer\u2019s commitment to sustainability in the nature-rich neighborhood.<\/p>\n
\u201cTeravalis will be a model for forward-thinking development and over an extraordinary lifestyle built on a robust economic foundation \u2013 incorporating best practices from across our national portfolio to advance environmental priorities and technological innovations,\u201d David O\u2019Reilly, CEO of The Howard Hughes Corporation said in a statement.<\/p>\n
From its origins in 2003, Its groundbreaking has been a long time coming. Here\u2019s what the Phoenix Business Journal had to say about it 19 years ago:<\/p>\n
\u201cWhodathunkit? The West Valley farming will be home to just shy of a quarter of a million new \u2026 The availability of land in the West Valley and Interstate 10 are luring more growth to the sleepy little farm town.\u201d<\/p>\n
While it was first conceptualized almost 20 years ago, this new plan is as modern as it gets. With easy access to Phoenix via I-10 and proximity to the future I-11, it offers a wealth of growth potential for residents, businesses and investors.<\/p>\n
What\u2019s the history of Douglas Ranch<\/strong><\/h2>\nBuckeye really got things moving in 2003 when voters approved a plan to annex Douglas Ranch \u2013 a master-planned community across 35,000 acres in the northern portion of the city. The land was predominantly used for farming \u2013 something city leaders have been anxious to protect.<\/p>\n
\u201cThrough its history, it has been a hub of farming activity, surrounded by miles of cropland in most directions. Only in recent years have home builders and developers started showing up,\u201d the Business Journal wrote in 2003. \u201cLet\u2019s hope the future is well-thought out and built with a smart-growth model that cities and towns throughout the sprawling metro area can use.<\/p>\n
The project was supposed to get started in 2012, but the aftershocks from the 2008 crash caused its postponement.<\/p>\n