TUCSON, ARIZONA -- Richmond American Homes bought a shovel-ready infill project at Bonanza and 5th Street for construction of 23 single-family residences recently. The 10.5 acres is about a half mile south of Speedway and a quarter mile west of Houghton. It is a former TUSD property, one of many the school district has sold over the past couple of decades due to declining enrollment.
Bonanza 550 LLC, an affiliate of Terramar Properties (Terry Klipp, manager) rezoned the land from SR to R-1 and then platted and engineered the project for 23-homesites before reselling it to Richmond American Homes.
The infill project, platted as Bonanza View, sold for $855,000 ($37,174 per platted lot). Richmond has already begun to move dirt to finish the lots.
The project will consist of 23 detached single-family homes and limited to single-story homes. There have been multiple versions of this development, previous ones having many more lots, but due to a series of neighborhood meetings held by the seller, the amount of lots was lowered due in part to concerns from neighbors. The development would be fully landscaped and would incorporate passive water harvesting methods.
The buyer and seller were self-represented in the transaction.