New Owner Occupant of Saguaro Ranch to Reset Luxury Northwest Community
TUCSON, ARIZONA – Saguaro Lot Development, Inc. (Scott Lundberg, President) and partners from the Seattle area purchased 825 acres in the Saguaro Ranch luxury community in the higher Tortolita Mountains for $7.2 million, bringing new life to this community in northwest Tucson.
“We are excited to bring energy and purpose into Saguaro Ranch with a vision for healthy living and fitness in a one of a kind Sonoran Desert setting,” said Lundberg who also lives in the community. “We captured our longtime friend and past business partner, renowned southwest architect Ron Robinette, to help spearhead the establishment of a private homeowners clubhouse with special amenities and planned future home designs to make Saguaro Ranch an exclusive private community high up in the Tortolita Mountains of Tucson Arizona.”
“The journey began over a decade ago when Ron helped my wife Charleen and I design and build our own home in Saguaro Ranch. It continued when Ron Robinette helped my business partner Brian Peschel and I design and build the award-winning Legacy Apartments at Dove Mountain. The journey culminated when we volunteered to spearhead over a years-worth of due diligence, resolving countless technical purchase issues along the way, prior to closing on the remaining 825 acres of pristine Sonoran land.”
“We are beyond enthusiastic to begin building a community that will help the City of Tucson and Town of Marana shine bright,” Lundberg concluded.
Mike Conlin with Tierra Antigua Realty of Tucson handled the sale and will also be representing the developer in the marketing the future lots.
Currently, there are nine ready-to-build lots remaining of the original platted fifty 4+ acre lots in phase I, as well as a preliminary plat in what is being called Moonlight Canyon at Saguaro Ranch for (43) 1-2 acre lots platted by the buyer while still in escrow.
The original developer of Saguaro Ranch filed Chapter 11 in February 2009 and the property was returned to the largest secured creditor, Kennedy Funding of Englewood Cliffs, NJ, holding claim to $23.9 million in 2011. Kennedy’s intent was to find a buyer for the assets for resale.
Before being caught in the maelstrom that hit Arizona especially hard, Saguaro Ranch luxury community suffered setbacks in its plan to develop 180 single family homes tucked away on 1,035-acres in the Tortolita Mountains. Before filing bankruptcy some of the vacant lots there were selling for over $1 million each.
The principals involved in this new beginning for Saguaro Ranch recognize the existing market demands and have chosen an almost perfect time to successfully relaunch of this project, according to Conlin.
For additional information Conlin can be reached at 520.429.4773.
To learn more, see RED Comp #6694.