Pulte, Lennar and KB Home spend $37.4 Million to be First Builders at Iconic Rocking K in Vail Arizona
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.