Developer DMB to split operations

Prominent developer DMB Associates, based in Scottsdale, is spinning off part of its operations to create a Pacific division to handle its expanding interests in California, Nevada and Hawaii. DMB, which is the developer of Verrado in Buckeye and Eastmark, the former Mesa proving ground, has named Eneas Kane president of DMB Pacific Ventures. He previously was president of DMB Associates. DMB has a large footprint in metro Phoenix with its developments but has been expanding in California, Nevada and Hawaii over the past decade. Now that it appears a recovery is about to accelerate, the developer, along with its major investors, decided to move the several properties outside of Arizona into a separate company. The new division will be based in San Francisco, near the company's high-profile Saltworks development. "We have talking about this move for a while," Kane said. "The market hasn't recovered. But it feels like the market is at the right point."

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