Word has it that the development known as Saguaro Springs, a 2,500 home development in Marana, AZ (near Tucson) may have tanked, and will revert to the original sellers for the original sales price of $30,000,000., resulting in a loss of approximately $70,000,000 for a national developer who has invested that amount in roads and infrastructure.
Situated to the north of West Twin Peaks Rd in Marana, and west of Interstate 10, the project is an anchor of Marana's spectacular growth. The setback may hold up the planned construction of the Twin Peaks interchange at I-10, the cost of which will be paid not by the federal government, but by private development companies. It's unclear what the effect may be on the yet-to-be-built Marana Spectrum, a lifestyle mall approved by the Marana Council on the east side of the proposed Twin Peaks interchange. Marana Spectrum is expected to open in 2010.
As the infrastructure for Saguaro Springs is complete, or nearly so, there's no doubt that the project will find another builder. It's just a question of when.
And that's the real estate opinion of this Tucson, Arizona mortgage lender,