DMB ANNOUNCES PURCHASE OF GM DESERT PROVING GROUNDS MESA, Ariz. (Dec. 28, 2006) --- DMB Associates, Inc., announced today the closing of its $265 million purchase of the 3,200-acre General Motors Desert Proving Grounds near Mesa, Ariz. For the next three years, GM will lease the property from DMB while preparing for its relocation. DMB’s plans for the property, located at Elliot and Ellsworth Roads, will be developed over the next 18 to 24 months. "DMB is pleased that GM selected us as the company to orchestrate the transition of the site currently used as proving ground operations," said Drew Brown, president of DMB. "We look forward to working with the City of Mesa, other stakeholders in the community and the surrounding cities to explore the possibilities for the property. Our goal is to develop a project that contributes to Mesa’s future and the diversified economic base of the East Valley." According to Roc Arnett, president of the East Valley Partnership, "The property is a vital asset for Mesa due to its proximity to higher education, major infrastructure such as the Williams Gateway Airport and the ASU Polytechnic campus, and important transportation corridors including the Loop 202, US 60 and the planned Williams Gateway Freeway." In a recent study by the Urban Land Institute Advisory Services Panel, the Williams Gateway Study Area, including the new DMB property, is one of the most promising expanses of underdeveloped land in the Phoenix metropolitan area and western United States. As housing developments continue to grow in the region and particularly on the significant state trust lands to the east, DMB has the potential to establish a new employment and residential core, Arnett explained. DMB has an established presence in the East Valley with developments such as DC Ranch, a 3,700-acre nationally acclaimed golf and residential community located in Scottsdale at the western foothills of the McDowell Mountains; Silverleaf, a 2,000-acre exclusive golf community also located in Scottsdale; Superstition Springs, a mixed-use community and DMB’s first planned community located in Mesa; Power Ranch, a 2,000-acre mixed-use community development venture with DMB’s valued partner Sunbelt Holdings designed to promote the active Arizona family lifestyle located in Gilbert; and Centerpoint on Mill, a 21.5-acre mixed-use development featuring residential, retail, entertainment and office uses in Tempe. Other DMB projects in the Valley include Verrado, an 8,800-acre community nestled at the foothills of the White Tank Mountains in Buckeye; and Marley Park, a 956-acre classically styled community in Surprise. DMB is a diversified real estate investment and development firm with real estate holdings through affiliated companies that include current and planned resort/recreational and primary residential communities, signature commercial developments, country clubs, hotels, health clubs and spa properties. Founded in 1984 and headquartered in Scottsdale, Ariz., DMB is one of the most active community developers in the West, with properties in Arizona, California, Utah and Hawaii. The firm's name is synonymous with high-quality real estate developments. |
