INSIDE TUCSON BUSINESS: Mon., Jan. 8, 2008
Developer Kemmerly partners with Long's Quinlan to buy back old company
By Joe Pangburn
Home developer Chris Kemmerly, and Steve Quinlan, chairman of Long Realty Co., have essentially reacquired the company Kemmerly sold to Standard Pacific Homes 3½ years ago. The company will operate as Miramonte Homes. Craig Campbell, who had been president of Standard Pacific's Southern Arizona division, continues as the president under the new ownership.
According to Kemmerly, the acquisition includes about 700 ready-to-build vacant lots and 70 homes that are either about to begin construction or are already under construction. The purchase price was not announced.
He said Standard Pacific decided to exit the Southern Arizona marketplace due to continuing challenges in the homebuilding industry. Kemmerly and Quinlan's knowledge of the local real estate market and Standard Pacific Homes, combined with their willingness to retain employees after the acquisition, made Miramonte Homes the right company to acquire these assets, Campbell said.
Miramonte Homes' goal is to complete the 70 homes in process and start about 70 new homes this year, he said.
"Although the homebuilding industry will continue to be challenging during the first half of 2008, we believe that the local market will begin to recover by summer 2008," said Quinlan.
"Once the public perceives the bottom of the market has passed later this year, we expect to see a more robust economy in Southern Arizona. In fact, given the low levels of recent home permitting, we may even find there is a shortage of available new homes due to pent up buyer demand."
Kemmerly had sold his Kemmerly Homes to Irvine-based Standard Pacific in August 2004 at a time when the company was looking to expand beyond its traditional California marketplace. He has more than 20 years experience in homebuilding. In 2005, Kemmerly was chairman of the board for the Southern Arizona Home Builders Association and previously had been homebuilder of the year.
Quinlan has more than 25 years of residential and commercial brokerage experience and has other investments in the local commercial real estate market.