Advanced manufacturing growth will add 500 high-tech jobs in McKinney

MCKINNEY, Texas — Raytheon (NYSE: RTN) has announced that it will build a 200,000-square-foot facility supporting 500 new high-tech jobs at its Space and Airborne Systems headquarters in McKinney, Texas. Construction will be completed in late 2020.

The announcement comes on the heels of research from The University of North Texas Economic Research Group, which found Raytheon’s business operations in North Texas contribute $4.8 billion to the Texas economy. In 2018, Raytheon directly employed more than 8,000 Texans. Supply chain activity and employee spending supported an additional 10,000 jobs throughout the state.

“This is an investment in the talented McKinney workforce,” said Roy Azevedo, president of Raytheon Space and Airborne Systems. “It shows we are serious about our presence in Texas and that we are here to stay.”

Local and state officials joined Raytheon for the announcement, where they learned about the construction project and the economic impact study results.

“Raytheon has a significant presence in the Texas economy,” said Dr. Michael Carroll, Director of the Economic Research Group at the University of North Texas and lead author of the North Texas Economic Impact Study. “When we examined employee wages and spending, supplier spending, tax revenues and other factors, we found Raytheon’s North Texas operations are a powerful economic engine.”

Raytheon’s McKinney facility specializes in intelligence, surveillance and reconnaissance systems, including electro-optical manufacturing and the production of high-energy laser systems.

“Not only is Raytheon’s work in intelligence, surveillance, and reconnaissance systems critical to the defense and national security of our country, its investment in our community helps drives our economy,” said U.S. Representative Van Taylor (TX-03). “Today’s groundbreaking foreshadows Raytheon’s continued innovation in space and airborne systems as well as its growing presence as a job creator here in McKinney.”

Raytheon is the top employer in McKinney with more than 3,000 employees.

“McKinney has always been proud to have the prominent presence of Raytheon as our largest employer and we are excited at the opportunity for new corporate expansion in McKinney,” said McKinney Mayor George Fuller. “We have worked hard to build strong business relationships and create an environment that not only allows these businesses to grow but provides their employees with an incredible place to call home.”

The Rocking K Master-Planned Community is “Designed by Nature” to integrate neighborhoods with natural open space

TUCSON, Arizona – Tucson-based Diamond Ventures has announced the opening of Phase I within the long-anticipated Rocking K Master-Planned Community in the foothills of the Rincon Mountains in the Vail, Arizona submarket.

Thirty-years in planning, several fundamentals such as the market and builder interest, recently converged to move this community forward. “The first phase will consist of 558 homes built by Pulte Homes, Lennar and KB Home, the three homebuilders that have joined us in the opening of Rocking K,” said David Goldstein, President Diamond Ventures.

Pulte, Lennar and KB Home closed on the first 558 lots recently, a mixture of 40’ thru 60’ by 125’ and 130’ lots for an aggregate of $37.4 million ($67,000 average price per lot). Opening Rocking K’s first phase requires a developer commitment of approximately $60.0 million.

The development goal of the community is to connect neighborhoods to nature. The Rocking K Community is “Designed by Nature” to integrate neighborhoods with large natural open spaces and native landscapes with extensively landscaped streets and a network of connecting trails.

“Years ago, my father, Donald D. Diamond, recognized Rocking K as a gorgeous piece of land with an exceptional foothills location,” said Helaine D. Levy. “Our family, Diamond Ventures, and a team of experts have carefully planned for this day. It’s an exciting day for us.”

Will White and John Carroll of Land Advisors Organization – Tucson handled the three transactions. “It is a monumental event for the Tucson market,” said White. “It is an iconic property and we are thrilled for everyone involved. Rocking K sets a tone going forward for multi-builder efforts in Tucson and is a game changer for the Vail submarket. The Tucson market is extremely solid and this is another big show of confidence by the region’s homebuilders.”

The Rocking K Master Plan is about 4,800 acres; approximately 2,000 acres south of Old Spanish Trail and 2,800 acres north of Old Spanish Trail.  Phase I and the first 558 lots are south of Old Spanish Trail.  It will be accessed by Valencia Road and Old Spanish Trail. Construction on the eastern extension of Valencia Road to connect Houghton Road to Old Spanish Trail is slated to start later this year. Paid for by the ‘Certificates of Participation’ through Pima County bonding, the infrastructure repayment will occur through Diamond Ventures’ payments and Rocking K impact fees, as construction permits are pulled by homebuilders. Currently, impact fees run $6,502 per permit.

A Community Facilities District (CFD) approved earlier by the State Legislature and Pima County approved the Rocking K Community Facilities District and its general plan. CFD’s are a common financing tool for master-planned communities throughout the United States and in Arizona. Rocking K’s CFD is similar to infrastructure financing that was used for development of Dove Mountain, Saguaro Springs, Gladden Farms in Marana and Rancho Sahaurita in the Town of Sahuarita. Over time, based upon increases in assessed value, the CFD will partially reimburse the public infrastructure associated with Rocking K.

In the next 18-months, Rocking K South will have offsites, onsites and in-tracts completed with the first home sales anticipated for around Q1 2021.

Rocking K’s first phase is also to include a K-8 elementary school in the award-winning Vail School District, on 15-acres dedicated for this purpose along the spine road.  There will also be a 20-acre HOA Park built in two phases by Diamond Ventures, which will include traditional components for children, youth and adults as well as introduce new innovations in recreation.

“The key is to find the sweet spot,” said Priscilla Storm, vice-president Diamond Ventures and a member of the Rocking K team. “Rocking K will be somewhat of a hybrid master-planned community. One that delivers the amenities buyers expect with a master-planned community, but that also works with natural beauty of the foothills location. We plan to build a quality master-planned community and be good stewards of the designated natural open space.  We intend to develop it for the Vail community to be proud.”

Will White and John Carroll with Land Advisors Organization of Tucson continue to represent Diamond Ventures at the Rocking K community

For more information, White and Carroll should be contacted at 520.514.7454. Priscilla Storm may be reached at 520.577.0200.

To learn more, see RED Comps #7063, #7064 and #7065.

Glendale, Arizona — Park Brokerage Inc. and John Sheedy are happy to announce the sale of the Rambling Rows Mobile Home Park located at 4902 West Bethany Home Road in Glendale, Arizona completed on August 20, 2019 for the price of $2.4 million ($41,400 per space).  John Sheedy exclusively listed the property on behalf of the California-based seller and procured the buyer who is a local experienced manufactured housing operator.

Rambling Rows is a 55+ designated community with 58 overall sites.   Fifty sites are traditional mobile home sites and there are five RV sites and three apartment units.  The park is on an approximately five-acre parcel,  has city-provided utility services and had under market vacancy and rents at the time of sale.  Common area amenities include a pool, a small clubhouse area, and additional parking.  The buyer is an experienced operator with other mobile home communities in the area and is planning to remodel units included in the sale and get the park up to market metrics.

John Sheedy commented that “this park has had some operational difficulties as a senior park in this specific submarket however I strongly believe this buyer will turn this park around quickly due to being locally based and having decades of experience.  Comparable stabilized properties are selling for greater than $70,000 per site so there is a huge upside on this deal.”

For additional information, contact Sheedy for more information about this sale at 602.821.4666.