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Homebuilder Tackles 23-Acre, Mixed-Use Project

TUCSON-AF Sterling Home Builders of Tempe nabs the last large piece of vacant land in the Catalina Foothills for $7 million, eyeing build-out with townhouses and office space on land with mountain and city views.

By Jennifer D. Duell | Updated on December 01, 2004

TUCSON-With plans to develop a mix of townhouses, office condominiums and possibly residential condos, AF Sterling Home Builders has acquired 23 acres at the northwest corner of Sunrise Drive and Hacienda del Sol for $7 million. The acreage is the last large piece of vacant land in the Catalina Foothills.

“Prometheus (Real Estate Group) bought the land in 1994 and had plans to develop an apartment project on it,” explains Mike Chapman, an investment specialist at CB Richard Ellis Inc.’s Tucson office. He and Bert Kempfert, a CBRE first vice president in Phoenix, office represented the seller, Prometheus Real Estate Group Inc. of Redwood City, CA.

“Prometheus decided to sell the land when it re-focused on apartment development in the Bay Area,” Chapman says. He tells GlobeSt.com that the land tract received a lot of interest, primarily from single-family developers. “They can afford to pay more for land than apartment developers,” he adds.

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