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Riverwalk Village Condominiums
Sun City, Arizona
(A Land Development) In mid-2005, this 13.3 acre residential property was purchased and a two year zoning / platting process began. Buyer registrations have been ongoing since 2007 with 260 deposits and/or registered buyers in waiting. The “ready-to-build” housing project was placed into escrow in late 2007 with a regional homebuilder. Due to financial hardship, the homebuilder filed for bankruptcy, thus failing to close escrow as scheduled in June of 2008. Vision/5 is now in discussions with lenders to secure construction funding. Our plan is to break ground in 2009 and bring product to the market in the summer of 2010. The first condominium closings will likely occur in January of 2011.
Western Skies Business Center
Gilbert, Arizona
 
(Design/Build) In early 2006, this 6.45 acre commercial property was purchased for $1.9 million. A 79,000 square foot garden office complex was designed and pre-leasing got underway. By mid 2007, 66% of the complex was pre-leased and construction began. Sixty six percent of tenant improvements have been completed and leasing is ongoing in an effort to reach a 90% occupancy level by 2010. At that time, it is anticipated that we will sell the office complex to an institutional buyer.
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