PHOENIX—A deal for nearly $135 million and 11,400 acres was struck between the city of Mesa and Scottsdale-based Pinal Land Holdings LLC (PLH). The land, to be purchased by PLH in three phases, is located between Coolidge and Eloy, making it an extremely attractive purchase for an entity interested in developing central Arizona. The property is currently used as farmland.
“We chose this site for many reasons including the existing infrastructure, the current and planned transportation access and the existing sense of community born through its agricultural heritage. This really and truly is the center of Arizona,” said Jackob Andersen, PLH president.
PLH vice president Michael Zipprich said, “The acquisition will vastly grow the Metro Phoenix area and will become the catalyst in bringing Phoenix and Tucson closer together and better connected. As a group, we have worked diligently with the state, the state land department, Pinal County, Arizona Department of Transportation, the cities of Mesa and Coolidge, and Nathan and Associates Inc. to ensure the viability of our long-term vision.”
According to Natalie Lewis, assistant to city manager Chris Brady, and also lead negotiator on the deal, Mesa purchased the land in 1985 for more than $29 million for its water rights to create a water farm. Eventually, the city found more cost-effective means to provide the city water. The city expected it would take 20 years or more to sell the land. But two years ago, PLH approached the city with interest in purchasing the land in phases over five years.
The land sale proceeds will boost the City's Economic Investment Fund, financing in part projects such as the Cubs new training facility and the city's higher education initiative.
The deal is one of the largest in Mesa's history.
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