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.
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.