D.R. Horton placed the winning $79 million bid in a public land auction for 269 acres of state trust land in northeast Phoenix this week, according to an announcement from the Arizona State Land Department. The public builder was one of four who had registered for the auction.
The land’s total appraised value was $54 million, according to the department. The sale also includes 36 acres of right-of-way for public road and underground utilities. D.R. Horton will contribute another $19 million in flood control improvements for the nearby Rawhide Wash, as well as more than $1.6 million in infrastructure payback and $2.4 million in extra fees. All told, D.R. Horton will pay $102 million.
The city of Phoenix will allow up to 903 homes on the land, with construction likely to start in two years. Proceeds from the land sale will be placed in a permanent fund for Arizona’s public schools.
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