Meritage Homes Corp. is the latest homebuilder to jump into the Delta Shores project in Sacramento, closing escrow recently on a tranche of single-family home lots.Property records show the Sacramento office of the Scottsdale, Arizona-based builder bought undeveloped land west of Interstate 5 with a Freeport Boulevard address in recent weeks.”The Meritage transaction is part of a multitranche purchase of all remaining finished lots west of I-5, the remainder of which are expected be purchased over the next 9-12 months on pre-determined economics,” said Peter Merlone, founder and co-owner of Delta Shores original master developer Merlone Geier Partners, in an email.A message left with Meritage’s (NYSE: MTH) Sacramento region office wasn’t returned. The purchase price for an unspecified amount of land was $20.02 million.But in May, the company submitted a design review package to the city for up to 157 detached-home lots in that area, under the name Delta Shores West.”The proposed floor plans are five unique plan types that consist of one-story and two-story homes,” the application states. “These homes are designed and carefully illustrate the Delta Shores Planned Unit Development guidelines.”A subsequent design review application submitted Tuesday revised the figure to 77, describing it as the “first take down” of lots in Delta Shores West. The company appears to have also filed for building permits for those homes.Meritage’s Sacramento area website does not show any active communities in Delta Shores. According to both the original and updated application, Meritage’s Delta Shores West h …
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