DEVELOPER VERIFIES RANCH DEAL.Byline: Daily News staff and wire services The Newhall Newhall may refer to:
American surgeon who performed (1809) the first recorded ovariotomy. Mountain Ranch ranch, large farm devoted chiefly to raising and breeding cattle, horses, sheep, and goats. The cattle ranch was introduced from Latin America to Texas and the plains of the W United States and Canada. project in Scottsdale, Ariz., the development company's first out-of-state project. The $25 million to $28 million sale will contribute up to $23 million in net income for the publicly held Newhall Land's 1996 records. The purchase is expected to be completed by Feb. 11. The buyers, Sunbelt Holdings Inc. and Haas and Hanie, has agreed to develop the property under the current zoning and development plan established by Newhall Land, maintain the continuity of relationships with home builders currently active in the project and keep the goodwill created by the company. Newhall Land plans to use a significant portion of the profits to repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. partnership units as authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: by the board of directors in December. To date, 291,900 units have been repurchased. Newhall Land obtained an option to buy the 3,200-acre Scottsdale project in 1992 and received approval for approximately 4,475 residential units and 70 acres of commercial development. To date, the company has sold 1,692 lots. |
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