Massive Buckeye housing development opens
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The Teravalis housing development in Buckeye. Photo: Courtesy of Agital
Welcome to Teravalis — population 2, going on 300,000.
The big picture: Teravalis, a gargantuan master planned community that could transform one of America's fastest growing cities, opened in Buckeye on Saturday.
Why it matters: Buckeye's population has exploded over the past quarter century and is expected to keep growing — and those new residents will need places to live.
- The Valley as a whole is in the midst of a long-running housing shortage.
State of play: A ribbon-cutting ceremony Friday celebrated the community's first residents, who had already moved in, followed by a grand opening festival Saturday.
- Kathy Bonillas and Everardo Rodarte Lara, the first residents of Teravalis, moved into their new home about a week ago, The Arizona Republic reported.
- There are 45 homes already completed at Teravalis, some in various stages of closing, Brian O'Malley, a spokesperson for developer Howard Hughes, told Axios.
- Another 150 homes are under construction.
The intrigue: The housing development along the Sun Valley Parkway west of the White Tank Mountains is expected to eventually have as many as 100,000 houses and 300,000 residents.
- Yes, but: Likely not for another 40-50 years, said O'Malley.
- He noted that Summerlin, a sister community from the same developer in Nevada, is still building out despite opening about 25 years ago.
Catch up quick: Over the past 25 years, Buckeye has grown from a quiet farming town on the fringes of the Phoenix metro area, with a population of about 6,500, to a booming suburb of around 120,000 people.
- The Buckeye portion of the Sun Valley Parkway, an area once so desolate it was called the "Road to Nowhere," could eventually be home to as many as 750,000, Mayor Eric Orsborn told Axios earlier this year.