From recreational land use to residential
Romspen Mortgage Investment Fund ("Romspen") the owner of the shuttered Vistoso Golf Course, has a buyer for 38 acres of the 206 acres of the course.
The buyer, Spectra Properties, based in Memphis, is primarily a retail center developer. Spectra has 69 retail center properties located in smaller towns and cities. They have three retail centers in Arizona.
For memory care and assisted living facilities
Spectra has entered the memory care and assisted living business, with one facility operating in Conroe Texas. Spectra is proposing to build an upscale assisted living and memory care on 38 acres of the property, most on what was the driving range.
Romspen does not have a buyer for the rest of land, 6 acres of which are zoned for high density residential.
Romspen has a lot of convincing to do
The 2016 General Plan calls for this land to be used for recreational purposes. The Rancho Vistoso PAD has it designated as such. The town council will have to approve a General Plan Amendment to change this designation to any other land use. That will require a 5 person council majority, If that is approved, the PAD change will require a 4 person council rezoning approval. Prior to all this, there will have to be a number of public meetings.
It's a long road and probably for Romspen [and Spectra], a road that we believe will not be approved by this council. That is because the four newest members of this council pledged to not amend the General Plan. However, people, especially those in politics, have been known to change their minds. Even if this council does not approve it, there will be future councils.
Preserve Vistoso wants this land to remain recreational use
preservevistoso.org wants the former Vistoso Course designated as preserve land in the 2020 Parks and Recreation Master Plan. If that happens, it will be an added barrier for future councils to overlook. (Source)