Building upon the popularity of a previous New Mexico retirement community, Del Webb is planning its first foray into the Albuquerque market with a new project that will incorporate more than 500 homes for active adults age 55 and older.
A developer of more than 50 communities in 20 states throughout the Southwest, coastal regions and Midwest, Del Webb opened its first active adult community in Bernalillo, New Mexico three years ago.
Since its opening, Del Webb has seen considerable success with the 376-unit community, named Alegria, which currently has fewer than 30 homes for left sale.
The developer’s latest endeavor, and first community in Albuquerque, is part of a larger planned 886-lot master plan called “Mirehaven.”
Project plans detail an additional 348 units for a separate community within the same mater plan, which will be designed and developed by Del Webb parent company, Bloomfield Hills, Michigan-based PulteGroup, Inc. (NYSE: PHM).
The 248-acre parcel was purchased from Western Albuquerque Holdings LLC. In total, the completed development will include about 538 Del Webb homes.
The planned Albuquerque community will be ideal for those baby boomers who want to continue to work and live in the city, said Jay Gillian, president of PulteGroup’s New Mexico Division in a statement.
“We know many baby boomers will continue to work as they look to semi-retire or make plans to buy their new home for the future,” Gillian said. “This will truly be a unique active adult community with its intimate size, sought-after location and physical beauty of the area.”
Located in Northwest Albuquerque, the site for the planned development is situated approximately 10 minutes from downtown Albuquerque and is in close proximity to hospitals, the University of New Mexico and retail businesses.
The project site is also bordered by the Petroglyph National Monument and is adjacent to the Albuquerque Public Schools complex, which is home to the new Community Stadium, a 7,000-seat football stadium that opened in August 2013.
Both the Del Webb and Pulte Homes communities are tentatively scheduled to open in early 2015, with possible pre-sales in late 2014, according to a release from the companies.
Del Webb and PulteGroup have not responded to a request for comment regarding development costs as of press time.
Written by Jason Oliva