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Arizona State Trust Land Fetches $23M

PHOENIX-Forty-one acres of Arizona State Trust Land brings nearly 40% more than its appraised value from a Milwaukee-based developer with a plan to add 350 condos in the Desert Ridge master-planned community.

By Jennifer D. Duell | Updated on September 22, 2004

PHOENIX-Towne Development Inc. battled Pulte Homes and a luxury multifamily developer to make the winning bid of $23.2 million for 41 acres of Arizona State Trust Land. The purchase price was $8.5 million more than the appraised value.

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.

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