Shea Homes is building its newest Arizona project in Chandler. For years, a lack of available land has kept the firm at a development standstill in the fast-growing city.
The stars aligned for Shea Homes in the form of a 24-acre land parcel at 2414 E. Gemini Place. The homebuilder pounced on the opportunity in late July, paying $21.2 million, or nearly $870,000 per acre, in a deal with a private seller, according to data from CoStar, the parent company of Homes.com.
The vision was already in place upon the land trading hands: a 93-lot community called Symmetry at Magnolia. Shea Homes quickly launched sales and five homes are currently under construction.
According to Ken Peterson, vice president of sales and marketing at Shea Homes, plans for the gated neighborhood, which is 7 miles from downtown Chandler, include a private park with picnic areas, a playground and a half-court basketball court.
"Located in Southeast Chandler, this is one of only a few remaining new home opportunities and is near prominent employment and travel corridors," Peterson said in a statement to Homes.com.
The community will have four floor plans, with prices ranging from $1.26 million to $1.4 million.
Shea looks for additional potential Chandler communities
Symmetry at Magnolia is located in the South Chandler neighborhood, where average home values come in at just under $750,000 as of August. More than 50% of the housing stock in this neighborhood comprises homes valued at $800,000 and higher, according to Homes.com data.
Chandler, which has a land area of 65 square miles, is 94% built out as of February 2025, according to the city.
Of the 93 homesites planned for Symmetry at Magnolia, 11 are expected to accommodate casitas for guests or extended families. This option resulted from a new ordinance Chandler approved in late 2024 to amend its city code to align with state law that allows for single-family homes to permit accessory dwelling units.
Available land is rare in Chandler and typically sells at a premium, Peterson said. Symmetry at Magnolia is currently the only active Shea Homes community in the city, but more could be in the works, pending the right deals coming together.
Outside of Chandler, Shea Homes is moving forward on a 15-home luxury community in north Scottsdale called Signature at Storyrock, which is expected to open for sales in October. Prices will start at above $2.2 million for these homes.
Shea Homes ranked as the nation's 34th-largest homebuilder based on 2,511 home closings in 2024, according to Builder Magazine.
"With 14 active communities Valley-wide, and several more land acquisitions on the horizon, we are focused on offering several of our successful series of homes," Peterson added.