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.