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Shea Offers $85 Mil for Arizona Land

PHOENIX-The giant builder hopes to get prime 7,100-acre parcel in North Valley to build master-planned community.

By D.J. Burrough | Updated on September 12, 2000

PHOENIX – Shea Homes Inc., one of the largest builders in Arizona, has offered to buy for $85 million a huge parcel of land from a religious organization in the throes of bankruptcy.

Shea Homes has made an offer to pay the Baptist Foundation of Arizona for a 7,100-acre parcel in the far North Valley, northwest of 99th Avenue and Jomax Road in Phoenix. Shea hopes to develop the land into a master-planned community.

The land must be sold at public action through the U.S. Bankruptcy Court, and Shea’s offer will serve as the baseline bid. At least two other bidders are expected to participate in the auction, which will be held either in late October or early November.

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