(Phoenix) Toll Brothers Homes bid $19.7 Million to purchase 81 acres of Arizona State Trust Land located in the Desert Ridge Master Planned Community in Phoenix. The property is located south of the Deer Valley Drive alignment and west of Black Mountain Parkway. The property is slated for multi family development.
Today’s auction continues our streak of successful sales at Desert Ridge,” Arizona State Land Commissioner Mark Winkleman stated. “Toll Brothers’ bid today and their other successful projects at Desert Ridge have generated tens of millions of dollars for Arizona Public Education.”
The design and development of the Desert Ridge, comprised of Arizona State Trust Land, has been a great example of successful collaboration among the Land Department, the City of Phoenix and the private sector to create a vibrant community. Several major homebuilders have successful projects in the area and it is also home to the Desert Ridge Marketplace and the J.W. Marriott Desert Ridge Resort and Spa.
Over the next months, the Land Department will have several other high profile auctions, including properties in Desert Ridge, Fountain Hills and Peoria, which will result in another record breaking revenue year for the Land Department.
“Our continued goal at the Land Department is to generate revenue for education,”
Commissioner Winkleman continued. “Although last year was a record year for sales revenue, we intend to work very hard to bring property to auction and break that record!”
The Arizona State Land Commissioner serves as trustee of over 9.3 million acres of Arizona State Trust Land. The proceeds from the sale of Arizona State Trust Land are delivered to the beneficiaries of the Arizona State Trust Land Permanent Trust Fund, primarily Arizona Common Schools, K through 12.