Scottsdale investor, Phoenix builder to finish 900-acre development
Scottsdale-based Harvard Investments and Phoenix-based home builder Brookfield Communities are partnering to build the final phase of a 900-acre development along the Colorado River in Bullhead City.
Harvard — a real estate development and investment firm — and Brookfield have formed a joint venture to build the remaining 700 homes at the Fox Creek development.
The project already has 1,400 homes and 3,000 residents. It sits on the Arizona side of the Colorado River across from Laughlin, Nevada.
Brookfield — which is based in Phoenix but specializes in northern Arizona —started Fox Creek in 1996. The builder focuses on so-called active adult communities aimed at retirees and the semi-retired.
The two companies also will jointly develop 20 acres of commercial property at the Bullhead City project.
“Brookfield Communities has a history of success and continued growth in the active adult homebuilding market,” said Craig Krumwiede, president and director of Harvard Investments. “Brookfield specializes in high traffic, low competition areas in Arizona and we believe this is a solid opportunity to begin a partnership and potentially build a number of great communities with lasting character.”
Former Del Webb executives Phil Petersen and Dan Green started Brookfield.
They’ve built one 500-acre, 900-home development in Sedona called Verde Santa Fe and have another neighboring 700-acre project in the works.
“We are thrilled to have a partner like Harvard Investments join us as we continue to develop Fox Creek,” said Petersen, president of Brookfield.