Meritage & Hacienda to Develop 2,200+ Homes

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Meritage Homes has entered into a partnership agreement with Hacienda Builders to acquire a parcel of land from El Dorado Holdings Inc. within the Rancho El Dorado master-planned community. The approximately 600 acre development will be called The Lakes at Rancho El Dorado. It will feature more than 45 acres of lakes and a total of 2,283 home sites, half of which will be sold by Meritage Homes.

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Eighteen floor plans will be introduced ranging in size from 1,100 to 5,100 square feet. Home prices are anticipated to range from the mid $130s to the high $300s. Construction is estimated to begin early next year with models opening in the fourth quarter of 2005.

Meritage Homes, the 10th largest homebuilder in the Valley, is a fully owned subsidiary of Meritage Corporation (NYSE: MTH). Currently, the company is building 14 communities within the Phoenix metropolitan area.