More than seven hundred new homes may be built on currently vacant land near the northeast corner of E. Irvington Road and S.Camino Seco in southeast Tucson.
The Los Angeles-based KB Home company has purchased for $10.6 million more than 200 acres with the hope of building a phased-in project on an increasingly growing and popular side of the city.
First phase construction could begin in the fall of 2019 with homes slated for completion less than a year later.
The 210 acres were owned by the State of Arizona’s Land Department, with the proceeds for the sale set for deposit in the Arizona Treasury Office’s land endowment trust fund.
In a statement, Governor Doug Ducey noted the importance of the purchase in terms of Tucson’s population boom, remarking: “The need for residential land speaks to the booming Tucson economy and growing confidence among individuals and businesses alike.”
Founded in 1957, KB Home has built more than 600,000 homes in the last six decades and recorded revenues in excess of $3.5 billion in 2016.
The company just announced its construction of Homestead, a neighborhood project in Maricopa, that will see the construction of 84 homes ranging in size from 1400 to 2300 square feet, and priced slightly above $250,000.
By Garry Boulard
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