County Approves 716-Acre Multifamily Development Near Corona de Tucson County
- Apr 04, 2014
The Pima County Board of Supervisors has signed a development agreement with Diamond Ventures Inc., Arizona Daily Star reports.
Diamond Ventures is the owner of Hook M Ranch which is situated on 716 acres of land near Corona de Tucson. The development includes 1, 376 houses and 400 apartments, open space, small commercial spaces and a K-8 school for the Vail School District.
Founded in 1988, Diamond Ventures is one of the major real estate development and investment companies of Arizona. It has invested in a variety of independent businesses and projects across the Southwest; takes pride in a long history of successful collaboration with city, county, state and federal governments; and owns a significant portfolio of residential, office, retail and build-to-suit projects throughout Arizona.
The Board of Supervisors approved rezoning for development of the ranch in 2012. Supervisor Richard Elías was the only one voting against the project expressing his concern about lowering overall density. The four-to-one ratio of votes in favor of the development allowed Diamond Ventures to move forward, according to an earlier summary.
The recent agreement, effective for 25 years, obligates the developer to design and carry out on-site wastewater improvements needed to serve the project along with wastewater pump stations and conveyance lines to the Corona de Tucson Wastewater Treatment Facility. Diamond Ventures is also responsible for designing and executing road works around the development based on a traffic study to be conducted by the county Transportation Department. These improvements will apparently include extending East Andrada Road from South Houghton Road to the entrance of Hook M Ranch.
Image of Diamond Ventures residential property entrance, courtesy of Diamond Ventures, Inc.