Mattamy Homes has bought 173 acres of land along the increasingly popular Houghton Road corridor on the cityβs southeast side.
The $8.2 million purchase from the city of Tucson is one of the largest land offerings by the city in recent memory, industry observers said.
The parcel is located between Irvington and Valencia roads.
Mattamy plans to develop a residential community, but details are still in the works.
βWe ... look forward to working with the city of Tucson and other stakeholders on this important and exciting project,β said Josh Robinson, president of Mattamyβs Tucson division. Mattamy first entered the Tucson market in 2014.
The future development is across the road from the Civano neighborhood, which is close to build-out.
The area is known for its mountain-bike trails, known as Fantasy Island Trails Park, and the city set aside 106 acres to the north of the sale site for open space. An additional 40 acres on the southwest corner will be used by Tucson Water for a recharge facility and small well.
βThe city has worked closely with the mountain-bike and development communities since 2005 to bring responsible development to this parcel,β said James MacAdam, a city project manager. βWe see this as a win for bikers, the city and our growing east-side communities.β
Ian Stuart, along with Ben Becker and Adam Becker of CBRE, represented the city in the sale. Stuart said interest is high for the area.
βThe Houghton Road corridor has been established as a desirable place where people enjoy a comfortable environment in which to work, raise children, be close to nature and pursue an outdoor-centered lifestyle,β Stuart said.
Mattamy was represented by Thrac Paulette of Cantera Real Estate LLC.
Local land broker Will White of Land Advisors Organization called the sale a βshow of confidence by our homebuilders.β
βIt is huge for the east side and our land market as a whole,β he said. βAs lot inventory becomes more difficult to locate β¦ I believe we are going to continue to see larger land deals in the growing parts of the Tucson area.β
Homebuyers have been drawn to that area because of road improvements, new retail development and the Vail School District, White said.
βItβs the only major arterial that goes north and south in town, and the east side has always performed well for homebuilders,β he said. βItβs almost infill at this point.β
The parcel is the largest to date to be declared surplus by the city and put up for sale, CBRE said. The brokerage firm was retained by the city in 2012 to identify and categorize its land inventory.
