The Arizona Land Department is set to auction off a 2,783-acre land parcel in Apache Junction at a minimum bid price of approximately $68 million. However, the department has announced that it will only accept bids from entities with unrestricted cash or equivalents of at least $40 million, a net worth of “not less” than $400 million, and “relevant experience” in developing a planned community of at least 1,000 acres and 2,000 residential units.
Land Commissioner Lisa Atkins said this unique arrangement is designed to maximize the revenue for the state, at least over the long haul. … Some of it, Atkins told Capitol Media Services, is ensuring that whoever makes the successful bid actually can complete the project. She said there has been a history of buyers acquiring state land but then defaulting when the plans fall through.
What the agency is hoping for is a planned community like DC Ranch in Scottsdale or, closer to home, the Eastmark development.
Developer Brookfield Residential made the initial request for the auction, and at least three others have displayed “significant interest,” according to department officials.
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