Mariposa, a master-planned community on the outskirts of Rio Rancho, is launching its next phase with a local developer.
New Mexico-based Price Land & Development Group has purchased 10 acres of the Mariposa Master Planned Community. The purchase price was not immediately disclosed. Homes in Mariposa range from about 1,500 square feet to 4,500 square feet and from the low $200,000s to the $400,000s.
Price Land & Development plans to build 41 homes to comprise the Jemez Vista neighborhood as part of the 6,500-acre Mariposa Master Planned Community.
Price Land & Development plans to prepare the 41 lots for two local homebuilders, who were not immediately named, to begin work in September.
Why it’s significant
Mariposa East was a victim of the recession when the original developer — High Desert Investment Corp. — stopped work there in 2012. That left residents with a potentially huge increase in tax payments toward $16 million in bond debt that High Desert incurred for the installation of a water treatment system. Lawyers representing Mariposa later outlined a bond restructuring plan to lessen the blow, and activity slowly began to return to the community. Arizona-based Harvard Investments bought Mariposa East, where a community center had gone into foreclosure, in 2014. Mariposa’s a sizable planned community, so the new local developer will be closely watched as it moves the project into the next phase.
More about Harvard Investments
It’s the US subsidiary of The Hill Cos., a family-owned company based in western Canada. The Hill Cos. has roots that go back to 1903, when it specialized in real estate development and insurance.