TUCSON (December 9, 2024) — On Friday, December 6, KB Home completed its purchase of 102 finished lots within Phase 1 of Mirador Point (formerly “Escalera”), located near Houghton Road & Valencia Road on the northern end of Rita Ranch in the City of Tucson and within the highly-ranked Vail School District.  The approved Final Plat for the property provides 102 homesites – 27 (45’ x 100’) and 75 (35’ x 100’).

KB Home purchased the initial 102 fully developed lots for $12,288,000 ($120,470 per lot) from AMH Escalera Development TRS, an affiliate of American Homes 4 Rent (Zackory Johnson & Alex Rihl), based in Las Vegas, Nevada. Additionally, KB is in escrow and has waived feasibility on 215 lots – 116 (50’ x 110’) and 99 (40’ x 100’) future lots immediately east of the recent Phase 1 purchase.

Model home construction will begin in January 2025, and sales will start in Spring 2025. Single- and two-story homes ranging from 1,201 to 2,467 square feet will soon be available.

KB Home currently has nine new-home communities open for sale across Tucson, with pricing ranging from $270,000s to $470,000s.  Innovative design plays an essential role in every home KB builds. The company’s floor plans inspire contemporary living, focusing on roomy, light-filled spaces with easy indoor/outdoor flow. KB homes are engineered to be highly energy and water-efficient and include features that support healthier indoor environments. They are also designed to be ENERGY STAR^® certified — a standard that fewer than 10% of new homes nationwide meet — offering greater comfort, well-being, and utility cost savings than new homes without certification.  To join the interest list for Mirador Point, visit https://www.kbhome.com/new-homes-tucson/mirador-point or for more information on the Southern Arizona’s current “Builder of the Year”, KB Home, call 1-888-KB-HOMES or visit kbhome.com.

KB Home is always looking for additional land opportunities in the greater Tucson market.  Sellers and brokers can reach out directly to Andrew Gasparro, KB Home, Vice President of Land, at 602-686-9889 or [email protected]

TUCSON, AZ (December 6, 2024) – An affiliate of OZ Development has purchased 1.18 acres of land in two transactions for a multi-family development project in the Menlo Park Neighborhood of Tucson.

The developer paid $875,000 ($38.89 PSF) for .52 acres at 701 & 707 W Congress Street that sold for land value with two buildings to be razed, and .66 acres at 115 S Linda Ave., across the street at the southeast corner of Congress and Linda Ave sold for $1.575 million ($54.46 PSF). The developer is proposing to build 96 micro units on these two parcels.

Kameron Norwood, Investment Sales & Leasing Specialist, and Andrew Keim, Industrial Specialist with Cushman & Wakefield | PICOR, represented the seller on the Congress Street property. Norwood represented the buyer on the 115 S Linda parcel, while Randy Titzck with Kidder Mathews represented the seller.

With rising rents and low rental vacancies, many people want to relocate downtown but have difficulty finding quality housing options within their budget. Developer Steve Ruf of Ruf Associates and OZ Development sees micro apartments as one solution to the City’s housing crisis.

Ruf is quoted in a Salt Lake City newspaper as saying, “We saw these being built in Seattle and Portland, Oregon, even Des Moines, Iowa,” prior to starting a micro-apartment project in Salt Lake City. Tucson may indeed be ready for this type of thing.

Many units will have small balconies, and the fourth-floor units will provide balcony views of downtown.

There are no official guidelines on what designates an apartment as “micro” as the average square footage varies by city.  Generally, units at 350 square feet or less are considered micro units.

For more information, Norwood can be reached at 520.546.2792, Keim at 520.546.2763, and Titzck at 480.874.4327.

For details, subscribers can reference RED Comp #11542 and #11621.

TUCSON, AZ (December 4, 2024) — A well-known local watering hole, the Saddlehorn Saloon, at 6300 E Taque Verde Road in Tucson sold for $650,000 ($361.11 PSF).

The cowboy dive bar has been around since the ’90s and was recently purchased by Sally Shamrell-Murphy and Glenn Murphy, the owners of The Cork, which is just a few steps away from the saloon.

In March 2023, Sally and Glenn took over Jonathan’s Cork from longtime owners Jonathan and Collette Landeen, renaming it The Cork.

The Saloon will soon be rebranded to “Uncorked”.

Plans are to upgrade the kitchen and add food on a nightly basis, expand the cocktail program, and host live music while keeping the Saloon Western attractions.

Uncorked is expected to open in December.

For more information, the Murphys can be reached at 520.296.1631.

To learn more, subscribers should refer to RED Comp #11568.