Impact of new community on the price of nearby houses

[Mike S.]

I am planning to buy a house in Scottsdale, 85254 as my primary house (Not investment). I realized that Arabella community is under development and it's very close to the house (maybe less than one minute drive). The community will have 420 single family homes, in addition to 286 duplex/townhome units. Sale will officially begin in Winter of 2020. (http://arabella-scottsdale.com/about-arabella/). 

I am worried the community will have a negative impact on the price of nearby houses in the future.

Do you think my concern is reasonable? Or it's the other way around and the community will boost the price and demand for nearby houses?