In a denser city, a nearly 2,000-acre new residential community would be a developer's marquee project.
For Scottsdale-based Harvard Investments, Rio 1900 in Goodyear, Arizona, is just the next project on its list. The project, spanning 1,940 acres, is envisioned as a community that could bring 5,762 residences across a mix of single-family homes, build-to-rent townhomes and garden-style apartments.
Harvard Investments received initial approval from Goodyear's Planning and Zoning Commission to rezone the site on Dec. 3. The project now moves to Goodyear City Council, where the proposal is expected to be considered at its Dec. 15 meeting.
In its presentation to the commission before the vote, Harvard Investments anticipates that construction will commence in 2027 and the first home will be completed in 2029.
Rio 1900 is located just to the north of the Estrella Mountain neighborhood, where the average home value is $548,246. That figure is just below the $569,246 average value across Phoenix, according to Homes.com data.
Harvard Investments has a major presence within Goodyear as the developer behind the 20,000-acre Estrella master-planned community.
Developer proposes multiple housing types and commercial uses
A "village neighborhood" represents the largest residential chunk of the Rio 1900 master plan. This area would be home to a variety of "low to medium density" residential development.
"Estate residential" and an "urban neighborhood" make up the other residential designations for low-density and high-density living.
Additionally, another area of land would be set aside for commercial uses, such as grocery stores, retail centers, offices and other possibilities. The plan also calls for a resort area if there's demand for a resort hotel.
Harvard Investments acquired the 1,864 acres of the site in 2023 for $22 million. The remaining nearly 80 acres are owned by the Arizona State Trust Land.
At Estrella, Harvard Investments — under its subsidiary Estrella Development Co. — recently rezoned a 1,500-acre strip to reduce the maximum number of residential units allowed for that segment of Estrella.
Estrella Development is owned by a joint venture between Harvard Investments, Toll Brothers and Varde Partners. The community is already home to more than 8,000 families and is expected to reach 20,000 homes when fully built out.