The acreage, which is located along 56th street north of Deer Valley Road, is part of the Desert Ridge master-planned community that includes office, industrial, retail, hotel and residential development. It is near the JW Marriott Desert Ridge Resort & Spa and a world-class golf course.
"To be able to acquire some land in one of the better master-planned communities in the Valley…it's a great opportunity," says Bill Hebert, vice president Towne Development, which is a subsidiary of Towne Realty Inc. He tells GlobeSt.com that the land is zoned for multifamily development, but only five to 10 units per acre. Because of the low-density requirements, Towne Development has decided not to build rental properties and instead will build more than 350 luxury condominiums.
The units will range from 1,300 sf to 2,200 sf. The projected cost will be $200 per sf. Construction likely will not begin for another 18 months.
The property is the latest in a series of State Trust Land auctions in Desert Ridge. In June 2003, the Statesman Group paid $24.1 million for 50 acres at 56th Street and Deer Valley Drive. That parcel is growing as the luxury community of Toscana at DesertRidge. In May 2004, Gray Development paid $32 million for a larger parcel of State Trust Land across the street from Toscana.
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