(Phoenix) The Arizona State Land Department set another record today following last week’s milestone $1 billion land lease with today’s auction resulting in $28.5 million in revenue for Arizona’s common schools.
Westfield/Greystone Master Partnership had the winning bid of $28.5 million during a competitive live auction for Desert Ridge Superblock 1H, 26.3-acres of high density residentially-zoned land located on the northeast corner of Deer Valley Drive and 56th Street in the City of Phoenix. The live auction attracted 5 registered bidders.
According to Mark Winkleman, Arizona State Land Commissioner, the Desert Ridge Superblock 1H sale reflects a 36% percent premium above the appraised land value of $20.5 million. According to Winkleman, this is a state record of $1.082 million per acre. The previous record was set in 2006 at $1.042 million per acre for a parcel also located in Desert Ridge.
“The auction had more than 40 alternating bids competing for this Desert Ridge Parcel, which shows the aggressive market demand from the development community,” said Winkleman. “Well-located parcels are still commanding a premium even in the current market,” said Winkleman. “Most importantly, is the fact that this revenue will go directly to benefit Arizona Common Schools,” he said.
Westfield/Greystone plans to build 750 apartments on the parcel with construction planned in 2008. For more information, visit greystonegroup.org.
The Arizona State Land Department manages 9.3 million acres of Arizona State Trust Land. The proceeds from the sale of land go to the beneficiaries of the Permanent Trust Fund, primarily Arizona Common Schools, supporting grades K-12. For more information about the State of Arizona Land Department visit land.az.gov or call (602) 542-4621.