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Phoenix-based Vestar has its eyes on another parcel of state-owned land where it wants to build a new retail project.
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It applied for a roughly 20-acre site at the southwest corner of Black Mountain Boulevard and Deer Valley Drive in the Desert Ridge area. The property is going up for auction November 5 with a $6,850,000 starting bid.
The starting bid accounts for several roadwork improvements that the winning bidder will be required to undertake at the intersection, such as constructing additional turn lanes. That work will cost around $2,336,107, and was subtracted from the starting bid, according to appraisal documents submitted to the Arizona State Land Department.
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Vestar wants to build an “anchored retail project” on the property, according to ASLD docs.
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Read more of this story from the Business Journal.