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AZ To Auction Lease Rights to 112 Acres

PHOENIX-The Arizona Land Department is offering a 99-year ground lease for land valued at $32 million. The mixed-use build-out could have one million sf of retail.

By John McCloud | Updated on January 03, 2008

PHOENIX-The Arizona State Land Department on Jan. 23 will auction ground lease rights to 112 acres of prime retail land at the northeastern edge of the Phoenix metropolitan area. The winning bidder for the site, which is appraised at $32 million, will be responsible for an estimated $67 million of infrastructure improvements.

The development site is located near the intersection of North Scottsdale Road and State Highway 101. The auction is intended to kick off development of a larger 2,400-acre area known as Paradise Ridge.

Arizona Land Commissioner Mark Winkleman says planning for the entire acreage has been under way for several years. The parcel is master-planned for a development of more than one million sf of retail along with hospitality and office space and other commercial uses. The state is offering a 99-year ground lease.

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