Growth & New Developments in Marana, Arizona
Gladden Farms Community in Marana, AZ
Just off I-10 northwest of Tucson, nestled amongst the cotton fields in summer time, sits the lovely community of Gladden Farms. Troubled by delays in the development of supporting commercial enterprises, questions about FEMA’s determination that much of Gladden Farms is within high risk floodplain, and now the decision by several key conventional lenders that Gladden Farms is a “declining” subdivision in terms of housing values – Gladden Farms is a community with challenges.
Let’s take those issues one at a time. There are several major developments that are slatted for the Gladden Farms vicinity. The development on hold is the Gladden Farms Marketplace, a 22 acre commercial center to be located on the north east corner of Tangerine Farms and Lon Adams roads. This project, which is expected to include a Wells Fargo Bank branch, a Fry’s marketplace, and a McDonalds was expected to open in October of 08. Due to the national housing slowdown and questions about floodplain, the developers of the project have decided to postpone development at least a year. On a more positive note, Triad Hospitals/Northwest Medical Center has paid $13.2 million for the construction of a new hospital. This facility will be located west of I-10 near Tangerine Road on the southwest corner of W. Moore Road. Phil Gustafson, Northwest Medical Center CEO, recently stated “We are excited to be a part of Marana’s growth and are looking forward to providing additional healthcare services to the residents of Marana.
Regarding floodplain questions, Marana officials have been working with FEMA since last summer to re-evaluate a 10 square mile area of Marana (including much of Gladden Farms) now designated as floodplain. No one seems to know when we might expect to hear FEMA’s decision on the matter.
Meanwhile, several conventional lenders, which are major players in the mortgage business, have flagged Gladden Farms as a subdivision with declining home values. In some cases these lenders are requiring buyers to increase their down payment by 5-10 % over the norm. The good news on this issue is that FHA – a government loan program – has not increased the standard 3% down payment for purchases within Gladden Farms, or any community. So financing is still available to buyers looking for a good deal in Gladden Farms. And good deals abound.
It would appear that none of these issues is insurmountable and it is expected that there will be a domino effect as this issues begin to clear individually.
Written by Drew Gellatt for Don and Kathy Vallee, CRS
RE/MAX All Executives - Vallee Gold Team
Tucson, Arizona
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