TUCSON, Arizona — KB Home closed on a 17+ acres for a new infill project at the southwest corner of La Cholla and Corral Ridge Loop in Northwest Tucson near OMNI Tucson National Golf Resort. The property commanded a sale price of $5.4 million. KB Homes purchased the land from HSL Properties of Tucson.
The property sold as raw land with number of lots still undetermined by KB Homes. A portion of The Fairways at Tucson National II subdivision, the subdivision is being rebranded Montaretto Estates according to the billboard.
Will White and John Carrol of the Land Advisors Organization in Tucson facilitated the transaction for buyer and seller.
“We are continuing to see high demand for better infill sites. These opportunities are becoming fewer and farther between and this is another great example of identifying a great location and being proactive when the right opportunity presents itself,” White said.
“This is one of Tucson’s better infill locations and sites. Close to so many amenities and a property with great access and views. It’s very rare to find all these attributes come together these days. It is a great site,” continued White.
White and Carrol should be reached at 520.514.7454 for more information.
To learn more, see RED Comp #4356.
Pepper Viner Homes adds Elementary School Site in Northeast
Pepper Viner Homes purchased the Eastside Van Horne Elementary School from Tucson Unified School District for $1.4 million. The buyer paid for rezoning to R-1, platting and engineering costs of the 9 acres.
Pepper Viner is expected to pay $32,500 per lot for infrastructure improvements, which makes the cost to buyer approximately $3.16 million, with an average lot size of 40’ x 100’.
Van Horne Elementary School opened in 1975. It is named after James “Doc” Van Horne, an administrator, teacher and coach who served at Tucson and Pueblo high schools before retiring in 1959. The school that has been boarded-up school since 2010 and was torn down for the 54-SFR lot infill project this month.
Van Horne Elementary School was one of several schools that TUSD closed because of declining enrollment and state budget cuts several years ago.
The district says it has lost more than $20 million in capital funding since 2008.
Proceeds from public school sales, by law, must go to capital projects such as maintenance of existing schools. The money cannot go toward salaries or raises.
James Marian, CCIM, with Chapman Lindsey Commercial Real Estate Services in Tucson handled the transaction for the buyer.
For more information, Marian can be reached at 520.747.4000.
To learn more, see RED Comp #4357.