As more and more growth has moved to the northwest of metropolitan Phoenix, interest from developers in the land around the lake has grown.
Phoenix-based Bridge Financial Corp. has purchased a 5,263-acre parcel near Lake Pleasant for $25.85 million. Bridge Financial Corp., the leading division of publicly traded NZ Corp. The company considers this a "strategic acquisition" and is planning to find a joint-venture partner to develop the parcel in the near future, says Joe Joseph, treasurer for NZ Corp. The land purchased by Bridge Financial is bordered by Arizona State Highway 74, Dysart Road, the Carefree Highway and Sarival Avenue.
Earlier this year, active-adult builder Del Webb paid $28.6 million for an interest in a 2,100-acre plot north of Sun City West, just south of Lake Pleasant.
Shea Homes placed a baseline bid of $85 million for a 7,100-acre tract near the lake. This property land is owned by the Baptist Foundation of Arizona, which filed for Chapter 11 bankruptcy protection earlier this year. The property, know as Pleasant Point, is northwest of 99th Avenue and Jomax Road and goes to auction on Oct. 30.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.