$53-Mil Land Sale in North Phoenix Sets Price Record

PHOENIX-Toll Brothers, a national homebuilder that also builds in the Valley under the name Geoffrey H. Edmunds, has bid nearly $53 million to land a parcel in northeast Phoenix. The Toll Brothers bid amounts to $98,650 an acre, which is nearly 19% more than the acreage’s appraised value. This is the highest price ever paid for state trust land.

Toll Brothers outbid three other homebuilders for the parcel, including Shea Homes, Morrison Homes and Standard Pacific. The bid shatters the previous record for the highest bid for state trust land, which was set last by military insurer USAA when it paid $40 million for a 575-acre parcel in north Phoenix near Interstate 17.

The 536-acre parcel is in the master-planned community of Desert Ridge, which sits just north of the Loop 101, south of Pinnacle Peak Road, north of the Central Arizona Project canal, and bisected by Tatum Boulevard. Desert Ridge, a 5,700-acre community with more than 2,200 homes and an increasingly thriving commercial component, is one of the most successful developments in the past few years. Late last year, Marriott began work on a 950-room resort there, which will be the state’s largest when completed in 2002, and Vestar Development is developing a 1.2 million-sf retail center called Desert Ridge Market.