Communities Southwest, a development firm, bought the northern 694-acre portion at a Feb. 15 state land auction. The firm beat 89 other bidders, paying $61.1 million for the tract of vacant land located roughly at 91st Avenue and Pinnacle Peak Road.
I wonder what the Land Department’s appraisal was on this Peoria land sale.
… Peoria planners laid out infrastructure expectations for bidders when it drafted site plans for Camino a Lago almost 10 years ago, Smith said. That ready-to-order preparation made the parcel desirable to several developers, who in September had no interest in similar state land auctions in Fountain Hills and northeast Phoenix, forcing those auctions to be canceled, he said.
We hadn’t see any big residential land development purchases for awhile.