by Elias C. Arnold - Aug. 20, 2008 12:00 AM
The Arizona Republic
A principal with Montage Holdings said the housing market slowdown has delayed construction at the master-planned Amaranth community in Goodyear's far south, but he still expects the area to meet long-term population projections.
"Long term, we're optimistic. We're just not on as tight a schedule as we were," said Joe Porter, who supervises planning for Amaranth.
Scottsdale-based Montage Holdings owns nearly 10,100 acres in Goodyear's Sonoran Valley area. The project, near the community of Mobile, could turn into 42,000 homes and 20 million square feet of commercial space.
By 2030, the Sonoran Valley, which will include Amaranth, is expected to have more than 50,000 residents, slightly smaller than Goodyear's population today.
But a glut of houses on the market and the nation's credit crunch have slowed the economy, delaying by nearly a year the company's timeline to start selling houses.
Porter said that long-term population projections for the area are still good.
"Everybody, in doing those projections, assumes peaks and valleys," he said.
The company could begin selling houses in early 2010, but it is still a tough projection to make, Porter said.
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