Firm buys stake in planned development

Friday, July 1, 2005 | 11:12 a.m.

American Nevada Company has purchased a majority stake in a 4,000-acre planned development near Tucson.

American Nevada is owned by the Greenspun family, owners of the Las Vegas Sun.

The amount of American Nevada's investment was not disclosed, but it will make the company the managing partner in the proposed master-planned community, dubbed Rancho Maria.

John Kilduff, president of American Nevada, said that the deal closed about 30 days ago and that the company is in the early stages of assessing the project. The number of homes planned has not been determined, but Rancho Maria will be primarily residential, he said.

Rancho Maria is about eight miles south of Tucson on Interstate 19 adjacent to the town of Sahuarita.

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