The Maricopa County Board of Supervisors approved the zoning change on the parcel, which is at Mayo Boulevard and Scottsdale Road.
Construction is scheduled to begin in the first quarter on a car dealership that will occupy 40 acres on the site. Eight showrooms and a four-story garage will be built for Jaguars and Ferraris.
Phoenix-based Westcor, developer and owner of the popular Scottsdale Fashion Square in Scottsdale, plans to build an open-air, retail mall on a 80 acres of the parcel.
The remaining 40 acres were rezoned from commercial to residential to allow for the development of apartments.
The parcel is being sold by the Chauncey family, which has held onto the former horse ranch for more than 30 years.
The parcel has become increasingly valuable as development has sprung up around it. The Mayo Clinic built a new hospital just to the west, and a Marriott is under way on a major resort less than a mile away.
"Eventually, the agriculture uses give way to commercial," says Tom Chauncey Jr.
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