Another 150 acres are under contract, which would bring 1,400 homes within the Waterston master-planned community, said Andy Warren, president of Maracay, which is a wholly owned subsidiary of TRI Pointe Group (NYSE: TPH).

This community would be the largest master-planned development actively selling in Gilbert, said Warren, who hopes to close on that last parcel by the end of 2021.

Total development costs, including the land purchase, are expected to be around $80 million for the recently purchased 140 acres, he said.

Jason Weber, vice president of land acquisition for Maracay, said he doesn’t recall a time when Maracay has seen this much excitement about a community in the East Valley — not in the 30 years since the company began building homes in the region.

Plans call for building 485 homes on the newly purchased 140 acres at the northwest corner of Ocotillo and Val Vista roads, which will be called Waterston North.

Land development is expected to begin later this year with model openings planned for early 2022. Those homes will range from 1,800 to 4,454 square feet. Warren said it’s too early to discuss home prices.

The original Waterston, which encompasses 160 acres with 331 home sites, is at the northwest corner of Val Vista Drive and Chandler Heights Road and is just east of the 113-acre Veterans Oasis Park. Total development costs for that project also are around $80 million, Warren said.

When the land was used as a dairy farm, a local resident had gained permission from the dairy farmer to paint “Happy Anniversary” to his wife on the grain silos every year.

Replicas of those old grain silos have been incorporated into the splash pad area of the park, Weber said.

Warren said it’s too early to determine total development costs for the last 150-acre parcel under contract, but said it could be around $80 million as well.

On the north side of the Veterans Oasis Park, Maracay is building 241 homes in its community called Canopy. That community, which is in Chandler, features homes from 2,331 to 3,730 square feet. Base prices start in the low $500,000s.

Since opening homes for sale in July, 35 homes have been sold at Canopy, Warren said.

“This area has now emerged as almost an infill location,” Warren said. “Most of the new home activity these days in the East Valley is more in the Queen Creek area or further out in Mesa around Eastmark and Cadence master-planned communities. This area that 10 years ago was a new development area with farm fields has now emerged as an infill location.”

To build a master plan with clubhouses, pools, lakes, streams and walking trails is unusual for an infill location, he said.

“That the kind of thing that happens more on the suburban fringe,” Warren said. “That is what has fueled our success at Waterston. People are really excited to be able to buy a brand new home in a brand new community that’s close to where they’re working, shopping or where their kids are going to school. That’s the most compelling thing; the infill nature of the community.”

Maracay was among the top 10 homebuilders in August, ranked by number of permits and closings, according to the Phoenix Housing Market Letter released Sept. 16 by RL Brown Housing Reports.