(Disclosure: Rose Law Group represents Richmond American Homes.)
By Karen Schutte | Real Estate Daily News
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 10.4 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.
